New Delhi: A special Central Bureau of Investigation (CBI) court on Wednesday, March 9, sent Anand Subramanian, former Group Operating Officer (GOO) and advisor to former MD of National Stock Exchange (NSE) Chitra Ramkrishna, to 14-day judicial custody after 12 days of police custody.
The NSE is facing a regulatory probe in a case related to governance lapses at the bourse as well as in the co-location matter.
CBI also told the court that a special investigation team (SIT) of almost 30 officers including senior officials is investigating the co-location scam in the Indian stock exchange.
Subramanian was arrested by the CBI from a location in Chennai on 24 February midnight after being questioned by the agency officials for a couple of days. He was sent to CBI custody till 9 March.
Now, he will continue under CBI remand for 14 more days on the order of the Special Court, CBI cases.
The CBI, which registered a case in 2018 in the so-called co-location scam, has recently widened its probe of governance issues at the exchange.
Earlier on Monday, a Delhi court sent former managing director and chief executive officer of National Stock Exchange Chitra Ramkrishna to 7-day CBI custody in the NSE co-location scam case, saying her custodial interrogation was required for fair and proper investigations.
In a recent order, Sebi penalised the NSE’s former MDs and CEOs, Ramkrishna and Ravi Narain, and others for various violations in a case related to the appointment of Anand Subramanian as GOO and advisor to then MD Ramkrishna.
The regulator in its order revealed that Ramkrishna was steered by a “yogi” dwelling in the Himalayan ranges in the appointment of Subramanian.
Also, she was accused of sharing confidential information, including the bourse’s financial and business plans, dividend scenario, financial results with the yogi, and even consulted the yogi over the performance appraisals of the exchange’s employees.
The “yogi”, according to Ramkrishna, was a “spiritual force that could manifest itself anywhere it wanted and did not have any physical or locational coordinates and largely dwelt in the Himalayan range”.
Besides, the e-mails exchanged between the yogi and Ramkrishna referred that the NSE was planning for a self listing, the order found.