Business Desk, AnyTV, New Delhi
Published by: Deepak Chaturvedi
Updated Wed, 09 Mar 2022 03:35 PM IST
Summary
A CBI court in Delhi on Wednesday sent group operating officer and advisor to former National Stock Exchange (NSE) MD Anand Subramaniam to 14-day judicial custody in connection with the NSE co-location case. Earlier, former NSE CEO Chitra Ramakrishna was also sent on seven-day remand.
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Chitra Ramakrishna remanded for seven days
Earlier, adding to the difficulties of former NSE CEO Chitra Ramakrishna in the National Stock Exchange (NSE) co-location case, a special court sent her on seven-day CBI remand. The Central Bureau of Investigation (CBI) had produced Chitra Ramakrishna, former chief executive officer of the National Stock Exchange (NSE), before the court and sought her 14-day custody in the NSE co-location case. Following the arrest, officials had said that the CBI interrogated Ramakrishna for three consecutive days and conducted searches at his residence, following which he was arrested. Officials said she was not responding properly. He said the central probe agency also took the services of a senior psychologist from the Central Forensic Science Laboratory, who also interrogated him. Officials said the psychologists had also come to the conclusion that the agency had no option but to arrest them.
There are serious allegations against Chitra
Chitra Ramakrishna was the MD and CEO of NSE from April 2013 to December 2016. Significantly, Chitra is accused of operating the National Stock Exchange and sharing sensitive information at the behest of Himalayan Yogi. In this regard, the CBI had recently arrested former Group Operating Officer (GOO) of NSE Anand Subramaniam from his residence in Chennai and claimed that he was a Himalayan Yogi. Anand Subramaniam is accused of interfering in the functioning of NSE. Along with this, he used to advise Chitra Ramakrishna, former CEO of NSE and she used to act on his behest.
What is co-location scam?
Some brokers of the country’s major National Stock Exchange, the center of share buying and selling, were given such a facility, so that they could get information about the prices of shares earlier than the rest. By taking advantage of this they were making huge profits. This was probably violating the demutualization and transparency based framework of the NSE. They were given direct access by co-locating the server with the help of rigged insiders. The Securities and Exchange Board of India received an undisclosed information in this regard. It was alleged that some brokers with the help of NSE officials were already taking advantage of the information. Considering the boom in NSC buying and selling, the amount of scam is estimated to be Rs 50,000 crore in five years.