Delhi Court on Thursday dismissed the bail petition of former Group Operating Officer of the National Stock Exchange (NSE) Anand Subramanian in connection with NSE co-location scam case.
Subramanian was arrested by the CBI on February 24. The CBI got his custody till March 9 after which he was sent to judicial custody.
The CBI had on Sunday (March 6) arrested Chitra Ramkrishna, the former MD and CEO of NSE in a case of bourse manipulation. She was produced before the court on Monday (March 7) which remanded her to seven days police custody. The matter is still being probed by the CBI.
According to the CBI investigation, group operating officer Anand Subramanian's appointment was influenced by NSE chairman and MD Chitra Ramakrishnan.
The CBI is probing the alleged improper dissemination of information from the computer servers of the market exchanges to the stockbrokers.
Earlier, the Securities and Exchange Board of India (SEBI) has penalized the National Stock Exchange (NSE) and its former CEOs Chitra Ramakrishna and Ravi Narayan and two other officials for lapses in recruitment at the senior level.
Ravi Narain was the MD and CEO of the National Stock Exchange from April 1994 till March 2013, while Chitra Ramkrishna was the MD and CEO of the NSE from April 2013 to December 2016.
The market regulators observed that the NSE and its top executives violated securities contract norms relating to the appointment of Anand Subramaniam as group operating officer and adviser to the managing director.
(With inputs from Agencies)
