Tuesday, September 27, 2022

CBI conducts raids in different cities in connection with NSE co-location scam case

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Central Bureau of Investigation (CBI) conducted searches on brokers in Delhi, Mumbai, Kolkata, Gandhinagar, Noida, and Gurugram on Saturday in connection with the National Stock Exchange (NSE) co-location scam case.

On Friday, Delhi High Court gave CBI notice of Chitra Ramakrishna’s bail application in the NSE co-location case. Chitra Ramkrishna, the former managing director and chief executive officer of the National Stock Exchange, was detained by the CBI in March (NSE).

In February, Anand Subramanian, Group Operating Officer and Advisor to the MD, was detained in connection with the NSE co-location issue.

Following this case, CBI has stated that the investigation found that accused Chitra Ramakrishna, by abusing her official position, re-designated accused Anand Subramanian as Group Operating Officer and Advisor to MD on April 1, 2015, without informing the NRC or the board.

However, CBI is investigating the suspected unauthorized transmission of information from market exchange computer servers to stockbrokers.

The Securities and Exchange Board of India (SEBI) has previously sanctioned the National Stock Exchange, its former CEOs Chitra Ramakrishna and Ravi Narayan, as well as two other employees, for failures in senior recruiting.

From April 1994 until March 2013, Ravi Narain served as the NSE’s MD and CEO, while Chitra Ramkrishna served as the NSE’s MD and CEO from April 2013 to December 2016.

The NSE and its senior officials broke securities contract rules when they appointed Anand Subramaniam as global operating officer and advisor to the managing director, according to market regulators.

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