CBI arrests former top official of NSE Anand Subramanian in alleged stock market manipulation case

The Central Bureau of Investigation (CBI), on February 25, arrested Anand Subramanian, a former top official of the National Stock Exchange (NSE), as authorities press ahead with an investigation into whether high frequency traders were given unfair access to network servers at the exchange.

In a surprise development, news reports are suggesting that Subramanian, the former Group Operating Officer, and advisor to former MD of NSE Chitra Ramkrishna, has been arrested by CBI late last night. Subramaniam was arrested from Chennai in connection with the NSE case.

Subramanian was the chief strategic adviser from April 1, 2013 and was later re-designated as the group operating officer and adviser to Chitra Ramkrishna from April 1, 2015 till October 21, 2016.

CBI had recently started interrogating Chitra Ramkrishna, Anand Subramanian and Ravi Narain.

All the above were questioned in Mumbai and Delhi in connection with new facts that had emerged in the 2018 case where certain private individuals, unknown NSE and SEBI officials were accused of preferential access to NSE's server architecture and misuse of colocation facility.

CBI had recently also visited the Securities and Exchange Board of India (SEBI) office and collected documents.