NSE colocation scam: Ex-NSE GOO Anand Subramanian, allegedly appointed on a Yogi's advice, arrested by CBI

New Delhi: The Central Bureau of Investigation (CBI) has arrested Anand Subramanian, former Group Operating Officer (GOO) and advisor to former National Stock Exchange (NSE) MD Chitra Ramkrishna tightening the noose around accused in the case of major corporate governance lapses.

Subramanian was arrested from Chennai late last night, official sources told UNI. Anand Subramanian along with his former boss Chitra Ramkrishna is among the key accused in the stock market manipulation case.

The case pertains to giving preferential access (using co-location facility) to NSE's trading platform to certain brokers. The episode first came into light in January 2015 following a whistleblower's mail.

Acting in the case, market regulator Securities and Exchange Board of India (SEBI) has barred Ramkrishna from dealing in stocks, depositories, intermediary or clearing corporations for a period of three years besides a penalty of Rs 3 crore.

Anand Subramanian has been restrained from associating with any market infrastructure institution (MIIs) or an intermediary for three years. A monetary penalty of Rs 2 crore has also been imposed on Subramanian.

On a question whether the penalty imposed on the former NSE top executives were sufficient, Finance Minister Nirmala Sitharaman earlier this week said that she is looking into the matter.

“I have no comment to make on whether there was an adequate correctional step in the sense penalising or anything taken against those who were held responsible for it… and I have no view this way or that way till I really get to the bottom of what is available before me. I am looking into it but I won't be able to comment on it at the moment,” said Sitharaman. (UNI)