CBI files chargesheet against Chitra Ramkrishna, Anand Subramanian

The former National Stock Exchange (NSE) managing director of the Central Bureau of Investigation has filed a chargesheet Chitra Ramkrishna and its former group operating officer Anand Subramanian in the alleged co-location scam case.

After several rounds of questioning, the agency had arrested Mr. Subramanian in February and days later, Ms. Ramkrishna was also arrested. After the move came, on February 11, the Securities and Exchange Board of India (SEBI) levied fines on two counts and others, and then the Income Tax Department searched their premises in Chennai and Mumbai.

Both are currently in judicial custody. Their bail pleas are scheduled to be heard by a special court later this month.

The CBI had registered the case in May 2018. It was alleged that Delhi-based broker firm OPG Securities, owned by Sanjay Gupta, and some others used an algorithmic trading software to gain preferential access to the NSE server data during 2010-14. some data center staff members with conspiracy. Owning to the then-available co-location facility, the consultant also obtained quicker data access through the exchange’s secondary server.

The software was developed by Ajay Narottam Shah, who reportedly used the exchange’s trade data in 2005-06 for the purpose of research work. As alleged, the data was shared with Infotech Financial Services Private Limited and Mr. Shah is actually the company supplied algorithmic software to various brokers in the NSE and, therefore, there was a conflict of interest.

Position of Abuse

In the same case, the role of the unknown officer of the SEBI and the NSE was the official position of suspected abuser.

Apart from this, the CBI is currently probing the email exchanges between Ms. Ramkrishna and a “Himalayan yogi” on whose instructions she made several key decisions. They are included in the appointment. The chief strategic adviser to the subramanian, his re-designation as a group operating officer and quick successions for him in large salary increments, is alleged.

The agency has discussed Mr. Subramanian of creating the email ID “rigyajursama@outlook.com” through which the unknown “yogi” was in constant touch with Ms. Ramkrishna and would receive the NSE’s confidential documents from her. The CBI has retrieved about 2,500 email exchanges that are being analyzed. It also has technical support for Microsoft.

Ms. Ramkrishna was the exchange’s managing director and chief executive officer from April 1, 2013, to December 2, 2016. The alleged co-location scam was reported by the SEBI in a “whistleblower” in January 2015, which triggered a series of triggered events. to the resignation of Mr. Subramanian in October 2016 and then Ms. Stepping Down. Ramkrishna.