Indian Agency Questions Ex-NSE GOO Anand Subramanian Over Abuse Of Co-location Facility

In the last three days in Chennai, the CBI interrogated Anand Subramanian regarding his function at the exchange and how he came to be the NSE’s group operating officer.

Officials added that the CBI had brought ex-National Stock Exchange group operating officer Anand Subramanian into question.

The CBI interrogated Mr Subramanian for three days in Chennai, they said, regarding his work at the exchange, how he came to be the NSE’s group operating officer and his relationship with then-MD and CEO Chitra Ramkrishna.

The CBI interrogated ex NSE CEOs Ramkrishna and Ravi Narain last week with “new facts” revealed in SEBI’s horrendous findings on February 11.

According to the market regulator, Ms Ramkrishna was guided in selecting Mr Subramanian as the exchange’s group operational officer and adviser to the managing director by a yogi living in the Himalayan foothills (MD).

According to sources, the central inquiry agency arrested stockbroker Sanjay Gupta, the founder, and operator of Delhi-based OPG Securities Pvt Ltd, in 2018 for illegally profiting from early access to the stock market.
The agency was investigating anonymous SEBI and NSE personnel and other unknown individuals.

What CBI stated in the FIR?

The CBI stated in the FIR that “The private company’s owner and promoter allegedly collaborated with unnamed NSE employees to misuse the NSE’s server infrastructure, according to the allegations.

In addition, between 2010 and 2012, unidentified NSE executives in Mumbai reportedly provided unlawful accessibility to the said company using the co-location facility, enabling it to authenticate first to the stock exchange’s exchange server, permitting it to obtain data before any other broker in the market.”

“Ms Ramkrishna was fined three crores, the National Stock Exchange (NSE), Mr Subramanian, and former NSE MD and CEO Ravi Narain were fined two crores each, and VR Narasimhan, the chief regulatory officer, and compliance officer, was fined six lakh rupees,” according to SEBI.