The former group operating officer of National Stock Exchange (NSE) Anand Subramanian was arrested by the Central Bureau of Investigation (CBI) after he was questioned about his role at the country’s largest stock exchange.
In the midst of the investigation, the emails exchanged between the former CEO of NSE Chitra Ramkrishna with a Yogi living in the Himalayas have gained wide attention. The CBI questioned Ramkrishna for 12 hours in the ‘tick-by-tick’ manipulation case – that pertains to the unfair dissemination of information from the servers of the exchange to those of the stock brokers.
Market regulator Securities and Exchange Board of India (SEBI) fined 3 crore on Ramkrishna for exchanging confidential information over mails with this Himalayan Yogi who is an unknown individual.
SEBI order revealed that, as the NSE head, several key decisions that she took between 2014 and 2016 were influenced by her interactions with this unknown individual.
NSE later also revealed that the email id in question was operated by Anand Subramanian. SEBI also fined 2 crore on him. Chitra Ramakrishna’s predecessor former MD and CEO of NSE Ravi Narayan was also asked to pay 2 crore fine. The CBI had put out circular notice against the three of them to stop them from leaving the country.
