CBI conducts multi-city search operations in the NSE Scam Case

The CBI has started a coordinated search operation at 10 locations across different cities today in connection with the NSE co-location scam as well as filing charge sheets against NSE CEO & MD for fraud.

Advertisement

Officials stated the Central Bureau of Investigation (CBI) started a coordinated search operation at around ten locations. Across different cities today in connection with the NSE co-location scam.

They claimed that the search operation will include brokers in Mumbai, Gandhinagar, Delhi, Noida, Gurugram, and Kolkata, among other places.

According to officials, the government investigative agency has filed a charge sheet. Lest, in the case against former National Stock Exchange (NSE) CEO. As well as MD Chitra Ramkrishna and group operating officer Anand Subramanian.

CBI conducts multi-city search operations

According to the investigation, OPG Securities, one of the accused in the FIR, connected to the secondary POP server on 670 trading days in the “Futures and Options” sector from 2010 to 2015, when Ms Ramkrishna was handling the NSE’s affairs.

During the tenure of Ms Ramkrishna and Mr Subramanian, the CBI kept an active investigation into claims of preferential access offered to some brokers by NSE employees and disproportionate benefits earned from it.

Ms Ramkrishna, who took over from former CEO Ravi Narain in 2013. Moreover, appointed Mr Subramanian as her adviser. And he was later promoted to group operating officer (GOO) with a salary of 4.21 crore per year, according to officials.

A probe into Ms Ramkrishna’s e-mail exchanges during a SEBI-ordered audit revealed that an unidentified person, who Ms Ramkrishna claimed was a formless mysterious “yogi” (mystic) dwelling in the Himalayas, guided Mr Subramanian’s controversial appointment and subsequent elevation, as well as crucial decisions.

CBI investigates NSE Scam

Stock broker Sanjay Gupta, the owner and promoter of Delhi-based OPG Securities Private Limited. Was arrested by the government inquiry agency in 2018. For allegedly profiting from early access to the stock market trading system. According to officials.

Unnamed officers of the Securities and Exchange Board of India (SEBI), NSE, Mumbai. And other unidentified people are also being investigated by the agency.

It was alleged that the owner and promoter of the aforementioned private company conspired with unidentified NSE employees. To exploit the NSE’s server architecture.

It was also alleged that unidentified officials of NSE. Mumbai had provided unfair access to the said company using the co-location facility. During the period 2010-2012 that enabled it to log in first to the exchange server of the stock exchange. That helped to get the data before any other broker in the market”. The CBI has alleged in the FIR.