Former National Stock Exchange (NSE) group operating officer (GOO) Anand Subramaniam, who was arrested in Chennai last night in a 2018 stock market manipulation case, is not cooperating with the Central Bureau of Investigation (CBI), sources told News18. He is being taken to New Delhi.
The NSE is under the radar of the markets regulator Securities and Exchange Board of India (SEBI) in the co-location case, which relates to the country’s biggest bourse providing some high frequency traders unfair access to speed up algorithmic trading.
The four accused in this case are Chitra Ramakrishna and Ravi Narain, the former MDs and CEOs of NSE, Anand Subramaniam, the exchange’s GOO and advisor to MD and the NSE Board itself, whereas a mysterious ‘Yogi’ with whom Ramakrishna shared confidential information and intricate details.
Ramakrishna is also under fire for irregularities in appointing Subramaniam as the chief strategic advisor at NSE. Ramakrishna, who was appointed NSE’s MD and CEO in 2013 resigned from NSE in 2016, whereas Narain resigned a year later in 2017.
“Anand is not giving info about who the ‘Yogi’ is,” sources said. “He told the CBI it had too long since he used his login ID, so he doesn’t remember the username and password anymore.”
Subramanian was the chief strategic advisor from April 1, 2013. Later, he was re-designated as group operating officer (GOO) and advisor to Ramakrishna, when she was the managing director (MD) and chief executive officer (CEO) of NSE from April 1, 2015 to October 21, 2016.
The CBI earlier questioned Subramaniam for three days, ending February 21. The federal police also interrogated Ramakrishna and Narain in the scam.
SEBI flagged the case in 2018. Following the report, the Income Tax Department searched the residences of Ramakrishna and Subramaniam as part of its probe.
Meanwhile, experts say that a panel should be made to probe the case as it needs immense technical knowledge. “The working of stock exchanges is complex. One has to understand trading, loopholes, etc. Police officers are generally not equipped to understand and unravel these complicated transactions,” former CBI special Director NR Wassan said.
“So any police officer would require the assistance of stock market experts. In other countries, they have a team of officers, including a prosecutor, because you need legal knowledge on the kind of evidence admissible in court. The team includes cyber experts to save technical evidence and ensure that the integrity of seized data is maintained,” he said.
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