In NSE fraud case, CBI searches in Delhi, Mumbai, several other cities | Latest News India - Hindustan Times
close_game
close_game

In NSE fraud case, CBI searches in Delhi, Mumbai, several other cities

May 21, 2022 11:53 AM IST

NSE co-location case - the alleged improper dissemination of information from the computer servers of the stock exchange - is being investigated by the CBI. 

The CBI carried out searches on Saturday morning in the fraud case linked to the National Stock Exchange (NSE), officials said. In all, searches were being carried out in at least 10 locations in Delhi, Mumbai, Noida, Gurugram, among other cities.

The NSE co-location case is being investigated by the CBI. (PTI)
The NSE co-location case is being investigated by the CBI. (PTI)

On alleged irregularities at the country’s largest stock exchange, an FIR was filed in 2018. As a part of the co-location case, the central probe agency is investigating improper dissemination of information from the computer servers of the market exchanges to the stock brokers. 

Hindustan Times - your fastest source for breaking news! Read now.

And former NSE chief Chitra Ramakrishna is one of the top accused. Her exchange of emails with a “Himalayan yogi” over the management have been cited by market regulator SEBI in a report.

Former Group Operating Officer (GOO) of the NSE, Anand Subramanian, is also another accused. While Ramakrishna was arrested on March 6 in the co-location case, Subramanian was arrested in February.

They have both been accused of giving unfair access to NSE’s trading system to Delhi-based stock broker OPG Securities Pvt Ltd and its owner, Sanjay Gupta.

Earlier this week, a Delhi court had denied Ramakrishna bail as the judge quoted legendary singer Bob Dylan. 

“It appears that accused Chitra Ramakrishna, prima facie seems to have been running the affairs of NSE akin to that of a private club. Singer-writer, Nobel Laureate Bob Dylan once said ‘money doesn’t talk, it swears’, which is a song of the 1964 song album ‘It’s Alright Ma I’m Only Bleeding’. It means that money not only has influence, but it has great influence, even a perverse influence on people,” special CBI judge Sanjeev Aggarwal said during the hearing.

The CBI filed a charge sheet against her last month. 

A report by market regulator SEBI in February had said that a “mysterious Himalayan yogi” was guiding the actions of Ramkrishna. While there has been speculation that Subramanian was the “yogi”, there has not been a confirmation from the CBI. 

Subramanian was initially appointed as Ramakrishna's advisor and later elevated to the top post. 

"It was alleged that the owner and promoter of the said private company abused the server architecture of the NSE in a conspiracy with unidentified officials of the NSE. It was also alleged that unidentified officials of NSE, Mumbai had provided unfair access to the said company using the co-location facility during the period 2010-2012 that enabled it to log in first to the exchange server of the stock exchange that helped to get the data before any other broker in the market," the CBI has alleged in the FIR, a PTI report said. 

(With inputs from PTI) 

Unveiling Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!

Get Current Updates on India News, Election 2024, Mukhtar Ansari Death News Live, Bihar Board 10th Result 2024 Live along with Latest News and Top Headlines from India and around the world.
SHARE THIS ARTICLE ON
Share this article
  • ABOUT THE AUTHOR
    author-default-90x90

    A newsroom junkie with 11+ years of experience with print and online publications; travel and books are the soup for the soul.

SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On