The CBI arrested former National Stock Exchange Group Operating Officer Anand Subramanian on Friday after trying to expand its three-year investigation into the exchange’s co-location scam in light of “new facts” revealed in a damning Sebi report.
As per the reports, Subramanian was apprehended late Thursday night. According to officials, he was questioned in Chennai for several days before the agency agreed to arrest him.
The Securities and Exchange Board of India (Sebi) has accused former National Stock Exchange (NSE) CEO Chitra Ramkrishna and those with claimed governance lapses in Subramanian’s appointment as a chief strategic advisor and his re-designation as team operating officer and MD advisor.
Sebi penalized Ramkrishna Rs 3 crore, NSE, Subramanian, former NSE MD and CEO Ravi Narain Rs 2 crore each, and V R Narasimhan, the chief regulatory officer and compliance officer, Rs 6 lakh.