Delhi court extends CBI custody of Anand Subramanian till March 9 in co-location scam case

A Delhi court on Monday extended the CBI custody of former National Stock Exchange's (NSE) Group Operating Officer Anand Subramanian till March 9.

He was arrested on February 25, in connection with the co-location scam case.

This comes a day after former managing director and chief executive officer of National Stock Exchange (NSE) Chitra Ramkrishna was arrested in connection with the co-location scam case.

The CBI arrested Ramkrishna on Sunday after her anticipatory bail application was dismissed by the court on Saturday.

The CBI court had recently sent Anand Subramanian, former Group Operating Officer and advisor to Ramkrishna, to CBI custody. He was arrested by the CBI from Chennai.

The arrest was made in the case related to the co-location scam, the FIR for which was registered in May 2018, amid fresh revelations about irregularities at the country's largest stock exchange.

The CBI is probing the alleged improper dissemination of information from the computer servers of the market exchanges to the stock brokers.

In the co-location facility offered by NSE, brokers could place their servers within the stock exchange premises giving them faster access to the markets. It is alleged that some brokers in connivance with insiders abused the algorithm and the co-location facility to make windfall profits.