NSE Co-location Scam: Ex-COO Anand Subramanian Sent To 14-Day Judicial Custody

The development comes two days after ex-CEO Ramkrishna was sent to a 7-day CBI remand by a special court in Delhi.

NSE Group’s Chief Operating Officer Anand Subramanian was arrested by CBI on 25 February in connection with the co-location scam. Image used for representative purposes. 

(Photo: PTI)

A Central Bureau of Investigation (CBI) court in New Delhi has sent former NSE (National Stock Exchange) Group’s Chief Operating Officer (COO), Anand Subramanian, to 14-day judicial custody on Wednesday, 9 March, reported Business Standard.

Subramanian was arrested by CBI on 25 February in connection with the co-location scam.

The development comes two days after NSE’s former Chief Executive Officer (CEO) Chitra Ramkrishna was sentenced to a 7-day CBI remand on Monday, 7 March, by a special court in Delhi. She was arrested on Sunday, 6 March, in Chennai.

The agency said last week that Ramkrishna had improperly hired Subramanian by coercing the HR department of NSE.

Following this, the ex-CEO, in conspiracy with Subramanian, influenced the officials of NSE to grant him access to important decision-making processes of India's largest stock market.

Ramkrishna has also been accused of sharing confidential information with a 'Himalayan yogi', and allegedly taking his advice on crucial decisions related to the NSE's functioning.

Who Will Invest in India With Scams Like This: Judges

The high-profile case that exposed the corrupt activities at the NSE triggered a frustrated response from the judges on Wednesday, saying “Who will invest in India with scams like this,” reported NDTV.

The judges also reprimanded the CBI for dragging their feet with the NSE case and pointed out that four years have passed since the agency noted wrongdoings involving the exchange's top brass.

The CBI court said that the Securities and Exchange Board of India (SEBI) should be investigated whether it took any action to block and punish the officials.

(With inputs from Business Standard, NDTV)