National Stock Exchange scam: Anand Subramaniam arrested in NSE co-location scam

The Central Bureau of Investigation (CBI) arrested Anand Subramaniam, a former operating officer of the National Stock Exchange Group, late Thursday night. His arrest, according to the CBI officer, was made in light of the stock market rigging allegations and new facts revealed in the SEBI report.

A suspect in the NSE co-location scam has been apprehended in Chennai.

Anand was apprehended by the CBI in Chennai. The arrest was made in connection with the NSE co-location scam, according to officials. This is the first arrest in this scam, which began on the NSE a few years ago. Anand Subramaniam was arrested from his Chennai home on Thursday night, according to reports. Preparations are underway to transport him to the CBI headquarters in Delhi, where he will be taken into custody. In the NSE co-location scam, the CBI was also questioning Anand Subramaniam.

He was not cooperating with the investigating agency, according to reports. The CBI wanted to know more about the conversation between unknown Yogi and Chitra about Emal, but Anand wasn’t telling them everything they needed to know.

After allegations surfaced in 2016, Anand resigned from NSE.

In 2013, Anand Subramaniam was appointed as the National Stock Exchange’s (NSE) Chief Strategic Advisor for the first time. MD Chitra Ramakrishna was then promoted to NSE’s Group Operating Officer in 2015. Following allegations of irregularities, he left the National Stock Exchange in 2016.

Irregularities in Anand’s promotion have been alleged.

According to the CBI’s investigation, Chitra Ramakrishnan was the one who appointed Anand Subramaniam. Chitra Ramakrishna and others were accused by the Securities and Exchange Board of India (Sebi) of appointing Subramaniam as Chief Strategic Advisor and rigging his promotion to Group Operating Officer and Advisor to the MD.

Ramakrishna was fined Rs 3 crore, former NSE MD and CEO Subramaniam was fined Rs 2 crore, former NSE MD and CEO Ravi Narayan was fined Rs 6 lakh, and Chief Regulator Officer and Compliance Officer V R Narasimhan was fined Rs 6 lakh.

The provision of a co-location facility resulted in a scam.

Select brokers benefited unfairly from the NSE co-location scam. Its investigation revealed that it was given access to co-location facilities in order to benefit OPG Securities, a brokerage firm. The brokers who work in this facility have access to all of the data much sooner than the rest of the company.

Hundreds of millions of rupees were stolen.

The CBI believes that crores of rupees were manipulated on the NSE in this way. This scam began at a time when Chitra was on the verge of being promoted to number two and then to number one. Even after Chitra became CEO and Anand became her closest associate, the scam continued. In this case, the CBI is looking for the connection of that unknown yogi, on whose orders Chitra was taking all of NSE’s decisions.

Anand received more than 9 packages in the NSE.

The information about this whole matter came out in the open after a recent SEBI order. According to a SEBI order, NSE CEO and MD Chitra Ramakrishna hired Anand Subramaniam as Chief Strategy Officer (COO) in 2013.

Before joining the NSE, Anand Subramaniam was employed at a salary of Rs 15 lakh. He was given a package of Rs 1.38 crore on the NSE, which increased by more than 9 times. Following that, he received numerous promotions, and within a short time, he had risen to the position of Group Operating Officer (GOO).

Comments are closed, but trackbacks and pingbacks are open.