CBI Arrests Former National Stock Exchange CEO Chitra Ramkrishna In Co-Location Scam

New Delhi: The Central Bureau of Investigation (CBI) has nabbed Chitra Ramkrishna, former Chief Executive Officer (CEO) of the National Stock Exchange (NSE).

She was taken into the custody in national capital after a court rejected her anticipatory bail plea.

Ramkrishna, who has served as NSE's CEO between 2013 and 2016 was on CBI's radar in connection with a probe involving former NSE employee Anand Subramaniam.

According to reports, she was accused of sharing details about the NSE via email with a ''Yogi who lives in the Himalayas.'' Interestingly, it is suspected that this ''Yogi'' was actually Anand Subramaniam who was too arrested in connection with the case earlier this month.

The whole scenario came to light after Securitiesand Exchanges Board of India (SEBI) made public its findings in connection with alleged unfair practices at NSE between 2010 and 2015.

What is NSE Co-Location Scam?

Selected brokers were unfairly benefited in the NSE co-location scam. Its investigation revealed that it was given access to co-location facilities to benefit a brokerage firm named OPG Securities. Here the brokers used to get all the data sooner than the rest. CBI believes that in this way crores of rupees were made on NSE.

The scam started at the same time when Chitra Ramkrishna was very close to being promoted to number two status and becoming number one. The scam continued even after Chitra became CEO and Anand had become her closest associate. In this case, the CBI was looking for the connection of that unknown yogi, on whose behest Chitra was taking all the decisions of NSE.

Anand Subramaniam, a former Group Operating Officer (GOO) of NSE was also arrested last month after CBI expanded its three-year probe into the co-location scam in the exchange in view of "fresh facts" that emerged in a damning SEBI report.

He was arrested from Chennai and his arrest was the first arrest so far in this scam that took place a few years back.

Who is Anand Subramanian?

Anand Subramanian is related to Chitra Ramkrishna, the former CEO and MD of NSE through family ties. He was working for a subsidiary of Balmer Lawrie as a mid-level executive till 2013. Ramkrishna brought him in as Chief Strategic Advisor to MD in April 2013.

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