Anand Subramanian, former NSE Group Operating Officer arrested by the CBI in a colocation scam, is just another “red herring”, stock market analysts who have been closely monitoring the developments told News18.com.
Anand Subramanian was arrested from Chennai on Thursday night after the CBI expanded its probe into the colocation scam at the National Stock Exchange following “fresh facts” in a SEBI report that referred to a mysterious Himalayan yogi guiding the actions of former CEO Chitra Ramkrishna.
THE COLOCATION SCAM
Ramkrishna, who succeeded former CEO Ravi Narain in 2013, had appointed Subramanian as her advisor who was later elevated as Group Operating Officer (GOO) with a pay cheque of Rs 4.21 crore.
Subramanian’s controversial appointment and later elevation, besides crucial decisions, were guided by an unidentified person who Ramkrishna claimed was a formless mysterious yogi dwelling in the Himalayas, a probe into Ramkrishna’s email exchanges during a SEBI-ordered audit showed. It was alleged in an audit that Subramanian was the yogi, but SEBI dismissed that claim in its final report on February 11.
Ramakrishna left the NSE in December, 2016. On February 11, SEBI charged her 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. The CBI, which was probing the co-location scam since 2018 against a Delhi-based stock broker, swung into…
