CBI conducts raids in multiple cities in connection with NSE co-location scam case

New Delhi [India], May 21 (ANI): The Central Bureau of Investigation (CBI) on Saturday conducted searches against brokers at more than 10 locations in Delhi, Mumbai, Kolkata, Gandhinagar, Noida and Gurugram in connection with the National Stock Exchange (NSE) co-location scam case, said sources.
Earlier on Friday, the Delhi High Court issued notice to the CBI on Chitra Ramakrishna bail plea in NSE co-location case.
CBI in March month had arrested Chitra Ramkrishna a former managing director and chief executive officer of the National Stock Exchange (NSE). Anand Subramanian as Group Operating Officer and Advisor to MD in connection with the NSE co-location case was arrested in February month.
In the National Stock Exchange Co-Location case, the Central Bureau of Investigation (CBI) said that the investigation states that accused Chitra Ramakrishna, by misusing her official position, re-designated the post of accused Anand Subramanian as Group Operating Officer and Advisor to MD from April 1, 2015, without bringing the same to the notice of NRC and the board.
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) penalized the National Stock Exchange 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 advisor to the managing director. (ANI)