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Central Bureau of Investigation (CBI) has arrested former group operating officer of National Stock Exchange Anand Subramanian in Chennai.
Sources confirmed to BusinessLine that the arrest took place late last evening on Thursday. “Judicial process to take place on Friday,” a source said. The court will decide whether Subramanian is to be taken to Delhi or detained in Chennai. The arrest has been made in connection with the co-location scam after fresh evidence surfaced in the wake of SEBI’s final order on February 11. The case was registered in 2018.
On February 11, SEBI charged former NSE CEO and MD Chitra Ramkrishna and others with alleged governance lapses in the appointment of Subramanian as the chief strategic advisor and his re-designation as group operating officer and advisor to MD.
Subramanian was quizzed by the CBI for several days over the past week.
Last Friday, CBI issued lookout circular (LoC) against Subramanian, Ramkrishna and Ravi Narain.
The agency also questioned Ramkrishna in Mumbai. CBI is examining various e-mails between the mysterious yogi and Ramkrishna. These conversations were highlighted in SEBI’s order.
The Income Tax department has already started questioning Ramkrishna especially on the conversations between her and the yogi about issues related to the tax haven Seychelles. There are indications that Enforcement Directorate (ED) may also be roped in to look into any foreign exchange regulation violation. Last week, the NSE brass held a meeting with the Finance Ministry to explain the actions initiated after Ramkrishna’s exit from the exchange in 2016.
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