CBI Arrests Anand Subramanian In NSE Co-Location Case

The officials of the central probe agency had questioned him for days in Chennai before they decided to take him into custody

The Sebi had charged former NSE CEO Chitra Ramkrishna and others with alleged governance lapses in appointment of Subramanian as the chief strategic advisor and his re-designation as group operating officer and advisor to MD. Image: Getty

New Delhi: Anand Subramanian, former group operating officer of the National Stock Exchange (NSE), was arrested by the Central Bureau of Investigation (CBI) on late Thursday night, the officials said.

The officials of the central probe agency quizzed Subramanian about his alleged role in the co-location scam in NSE and had also put out notices against him. The CBI had questioned him for days in Chennai before they decided to take him into custody, quoting officials the PTI reported.

The Securities and Exchange Board of India (Sebi) had charged former NSE chief executive officer (CEO) Chitra Ramkrishna and others with alleged governance lapses in appointment of Subramanian as the chief strategic advisor and his re-designation as group operating officer and advisor to MD.

Ramkrishna hit the headlines after the Sebi issued an order early this month charging her and others in a matter of governance lapses in the appointment of Anand Subramanian as chief strategic advisor and his re-designation as group operating officer and advisor to MD.

The Sebi alleged that she was steered by an unknown Himalayan yogi in Anand Subramanian's appointment as NSE's group operating officer and advisor to the managing director.

Ramkrishna was the MD and CEO of NSE from April 2013 to December 2016.

According to reports, several key decisions that Ramkrishna took as NSE head between 2014 and 2016, a Sebi order on February 11 revealed, were influenced by her interactions with the Himalayn yogi.

The Sebi has also levied a fine of Rs 3 crore on Ramkrishna, Rs 2 crore each on NSE, Subramanian, former NSE MD and CEO Ravi Narain, and Rs 6 lakh on V R Narasimhan, who was the chief regulatory officer and compliance officer.