Anand Subramanian, the former group operating officer (GOO) of the National Stock Exchange (NSE) has been arrested by the Central Bureau of Investigation (CBI) late on Thursday night in connection with the ongoing probe into a 2018 case of manipulation in the stock market.
Subramanian, who worked as an advisor to former MD-CEO Chitra Ramkrishna, arrested by a team of CBI officials in Chennai and will be produce in a competent court on Friday.
The arrest made on the basis of “fresh facts” that emerged in a damning Sebi report, officials said.
Earlier too, Subramanian question by the CBI for three days. The questioning ended on February 21.
The central agency has already grilled former MD-CEO Chitra Ramkrishna and former CEO Ravi Narain.
The CBI team also visited the Securities and Exchange Board of India (Sebi) office in Mumbai earlier this week. And had collected documents related to the case.
The 2018 case relates to charges of preferential access to the trading system to some brokers. Through the co-location facility (in which brokers can buy “rack space” for their servers) at the NSE. Early login and “dark fiber”, which lets a trader split-second faster access to the data feed of the exchange. Even a split-second edge is consider capable of bringing huge gains to a trader.
Anand Subramanian in 2013 appointed as Chief Strategic Adviser and then in 2015. He promoted as Group Operating Officer by MD Chitra Ramakrishna.
In 2016, Subramanian left the NSE after allegations of irregularities surfaced.