The Central Bureau of Investigation (CBI) on Saturday morning searched the National Stock Exchange (NSE) for alleged fraud. In all, at least 10 locations have been searched in other cities, including Delhi, Mumbai, Noida and Gurugram.
The FIR was registered in 2018 on irregularities in the country’s largest stock exchange. As part of the co-location case, the Central Investigation Agency is investigating the inadequate transmission of information from computer servers of market exchanges to stockbrokers.
And former NSE chief Chitra Ramakrishna is one of the main accused. The marketing regulator mentioned in the SEBI report that she exchanged emails with “Himalayan Yogi” on management.
Another accused is Anand Subramanian, former Group Operating Officer (GOO) of NSE. Ramakrishna was arrested on March 6 in the Co-location case, while Subramanian was arrested in February.
It is alleged that the Delhi-based stockbroker OPG Securities Pvt Ltd and its owner Sanjay Gupta were given unfair access to the trading system of the NSE.
Earlier this week, a Delhi court rejected Ramakrishna’s bail because the judge cited famous singer Bob Dylan.
“It looks like the accused Chitra Ramakrishna, primarily a private club, is running NSE affairs. Singer-writer, Nobel Prize winner Bob Dylan once said, ‘Money doesn’t talk, it swears’, a song from the 1964 song ‘It’s Alright Ma I’m Only Bleeding’. This means that money is not just an influence, but a huge influence, a distorted influence on people, ”Special CBI Judge Sanjeev Aggarwal said during the hearing.
The CBI filed a charge sheet last month against her.
The market regulator SEBI’s report in February said that the “mysterious Himalayan yogi” was guiding Ramakrishna’s actions. Despite the speculation that Subramanian is a “yogi”, there is no confirmation from the CBI.
Subramanian was initially appointed as Ramakrishna’s advisor and was later elevated to the top post.
“The owners and promoters of this private company are accused of misappropriating the NSE’s server architecture in a conspiracy with unknown officials of the NSE. The CBI has filed an FIR claiming that it helped to obtain the data in front of any other brokers in the market, PTI reported.
(With inputs from PTI)