The Central Center has also issued notices against Subramanian.
Anand Subramanian, a former NSE chief executive, was arrested by the CBI on Thursday night after being questioned about his role in the country’s largest stock market. The Central Investigation Center has also issued notices against the Subramanian during the investigation into the NSE (National Stock Exchange).
Emails exchanged between former NSE CEO Chitra Ramkrishna and the ‘yogi’ living in the Himalayan mountains received much attention during the investigation. Ramakrishna was investigated for 12 hours by the CBI last week for a ‘tick-tick’ fraud case – involving improper distribution of information from exchange servers to stock traders.
Earlier this month, Market Director Sebi (Securities and Exchange Board of India) imposed a cr 3 crore fine on Ramkrishna in exchange for confidential information via email via this ‘yogi’, an anonymous person.
A few key decisions he took as head of the NSE between 2014 and 2016, revealing the SEBI order dated February 11, were influenced by his interaction with this anonymous person.
An NSE investigation later revealed that the email id in question was used by a Subramanian. He was also slapped by ₹ 2 crore.
Ramakrishna’s predecessor, Ravi Narayan, a former MD and CEO of the NSE, was also asked to pay a fine of ₹ 2 crore.
The CBI had included surveillance circuits for all three to prevent them from leaving the country.
In 2018, the central investigative center filed a lawsuit against stockbroker Sanjay Gupta, owner and promoter of OPG Securities Pvt Ltd based in Delhi, for allegedly gaining immediate access to the stock market.
“It is alleged that the owner and promoter of a private company misused the NSE server construction by conspiring with anonymous NSE officials. that we first log in to the stock exchange server that helped us get the details before any other trader in the market, “CBI told FIR (the first information report).