News Karnataka
Saturday, June 25 2022
Markets

CBI files first charge sheet in NSE scam - 2 min read

New Delhi,Central Bureau of Investigation,first charge sheet, NSE co-location scam,
Photo Credit : IANS

New Delhi: The Central Bureau of Investigation (CBI) on Thursday filed its first charge sheet against National Stock Exchange’s ex-MD and CEO Chitra Ramkrishna, and ex Group Operating Officer Anand Subramanian in connection with the NSE co-location scam.

Both Ramkrishna and Subramanian, currently lodged in Tihar Jail under judicial custody, have been charge sheeted under various sections of the IPC.

The court, after accepting the charge sheet, fixed framing of changes for the next hearing.

The CBI’s probe in the matter is on and they will file supplimentary charge sheet in coming months.

The co-location scam denotes how some of the brokers, who in the co-location facility offered by the NSE, could place their servers within the stock exchange premises giving them faster access to the markets, had in connivance with insiders abused the algorithm and the facility to make windfall profits.

The CBI is probing the matter since May 2018.

Recently, the SEBI had imposed a fine of Rs 3 crore on Ramkrishna, following the market regulator finding that she allegedly shared vital inputs about the NSE with a mysterious Himalayan yogi, including Information on “organisational structure, dividend scenario, financial results, human resource policies and related issues, response to regulator, etc.”

On April 1, 2013, Ramkrishna became the CEO and MD of NSE and brought Subramanian to NSE as her advisor in the same year.

Made the Chief Strategic Advisor of NSE, Subramanian served at this post between 2013 and 2015 before being made Group Operations Officer and Advisor to the MD between 2015 and 2016, despite having no exposure to the capital market.

See also  US stocks fall on New Year's Eve

Previously working as a mid-level manager in Balmer and Lawrie, he had seen his salary increase from Rs 15 lakh to Rs 1.68 crore annually, and then to Rs 4.21 crore.

Subramanian quit NSE in October 2016 and Ramakrishna in December 2016.

Read more on this:

Jignesh Shah, another arrested in NSEL scam

SEBI bars commodity trading by Motilal Oswal, IIFL in NSEL scam

MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a Reply

Your email address will not be published.

Subscribe to our Podcast across platforms
AnchorAmazon MusicSpotifyGoogle PodcastsRadio PublicRSS

Visit 7Jackpots and find the best online casinos in India! Play the most popular casino games for real money!

Find the best odds at 10Cric and ipl betting 2021! Signup today and get up to a 100% deposit bonus.

Subscribe Newsletter

Get latest news karnataka updates on your email.

To get the latest news on WhatsApp