CBI arrests NSE former top official Anand Subramanian

Anand Subramanian

Chennai: Anand Subramanian, former group operating officer at the NSE, was arrested by the CBI late Thursday night in Chennai days after he was questioned about his role at the country’s largest stock exchange.

The central probe agency had also put out notices against Subramanian amid probe over irregularities at the NSE (National Stock Exchange).

The development comes as authorities pressed ahead with an investigation into the NSE scam case where certain private individuals and unknown NSE and SEBI officials were accused of preferential access to the NSE’s server architecture and misuse of colocation facility.

‘The sharing of financial and business plans of NSE… is a glaring, if not unimaginable, act that could shake the very foundations of the stock exchange,’ SEBI said in an order, imposing penalties on Ramkrishna, the bourse and other top former executives for the lapses.

A whistleblower in 2014-15 complained to the SEBI saying some brokers in collusion with a few top NSE officials had abused the co-location facility. NSE was then using the so-called tick-by-tick (TBT) server protocol to relay data to members.

Anand Subramanian was first appointed as Chief Strategic Adviser in the NSE in 2013 and then promoted as Group Operating Officer in 2015 by then Managing Director Chitra Ramkrishna. In 2016, he left the National Stock Exchange after allegations of irregularities surfaced.