Court sends former NSE GOO Anand Subramanian to 14-day judicial custody in co-location scam case

New Delhi: A Delhi Court on Thursday sent former group operating officer (GOO) of National Stock Exchange Anand Subramanian to 14-day judicial custody in connection with the NSE co-location scam case.
Special Judge Sanjeev Aggarwal remanded Subramanian to judicial custody till March 23 after he was produced before him on the expiry of his police custody.
The former GOO was arrested by the CBI on February 24 and was remanded for custodial interrogation.
In the co-location facility offered by the NSE, brokers could place their servers within the stock exchange premises giving them faster access to the markets.
It is alleged by the investigating agency that some brokers in connivance with insiders abused the algorithm and the co-location facility to make windfall profits.

On March 7, the trial court had sent former managing director and chief executive officer of National Stock Exchange Chitra Ramkrishna to seven-day CBI custody in connection with the case, saying her custodial interrogation was required for fair and proper investigations.

“It appears that the custodial interrogation of the above accused would be required to find out the detailed modus operandi adopted by her in conspiracy with the other co-accused persons involved in the present case including co-accused Anand Subramanian. The present case may be of unimaginable magnitude,” the court had said.

The CBI had argued that Chitra Ramakrishna’s custodial interrogation was needed to unearth the criminal conspiracy and the role of other NSE officials and brokers in the company.

It had submitted that the material already collected in the case shows that Ramkrishna in conspiracy with Subramanian had improperly hired him by coercing the HR department of NSE.

Thereafter, she, in conspiracy with Subramanian, influenced the officials of NSE to facilitate him in having access to important decision-making processes of the NSE. During the same period, M/s OPG Securities was gaining undue advantages in NSE by logging into the secondary server, it had said.

The CBI had further alleged that Ramkrishna, with Subramanian, abused her official position as the MD of NSE and got him appointed as her Chief Strategic Advisor/ Consultant by creating this post of Chief Strategic Advisor to accommodate and appoint him bypassing the prescribed due procedures at NSE.


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