homebusiness Newscompanies NewsNSE co location scam: Chitra Subramanian refused to recognise Anand Subramanian, says CBI

NSE co-location scam: Chitra Subramanian refused to recognise Anand Subramanian, says CBI

NSE co-location scam: Chitra Subramanian refused to recognise Anand Subramanian, says CBI
Profile image

By Santia Gora  Mar 7, 2022 5:46:30 PM IST (Updated)

The remand copy accessed by CNBC TV-18 said Chitra conspired with Anand and abused her position as the managing director and got him appointed as her chief strategic advisor by creating this post to accommodate him. Chitra conspired with Anand and hired him by coercing NSE human resources.

After being arrested on Sunday, Chitra Subramanian was produced in the court on Monday. While seeking her remand, CBI told the court that, Chitra was confronted with Anand Subramanian on March 6, before her arrest but she refused to recognise him. At least 2,500 e-mails were exchanged between Chitra and Anand, she still said that she doesn't know him.

Recommended Articles

View All

CBI counsel said CBI needs to identify NSE and SEBI officials who were a part of the scam and question them. The agency counsel told the court that CBI also questioned accused Ajay Narottam Shah on Sunday. Ajay made the software 'Chanakya' which was used to execute the scam.
In its remand copy, CBI mentioned that Chitra facilitated, providing confidential trading data to Infotech financial Services Pvt Ltd and Ajay, knowing fully well that Infotech was providing algorithmic software to brokers in NSE and that there was a conflict of interest since one of the directors of Infotech Sunitha Thomas is the wife of Suprabhat Lala, SVP, NSE.
Also Read:
The remand copy accessed by CNBC TV-18 said Chitra conspired with Anand and abused her position as the managing director and got him appointed as her chief strategic advisor by creating this post to accommodate him. Chitra conspired with Anand and hired him by coercing NSE human resources.
Chitra in conspiracy with Anand gave him powers akin to the powers granted to the then CEO and MD. She also gave disproportionate remuneration from time to time. Chitra conspired with Anand and placed him on the board of directors of several subsidiary companies of NSE. This made him privy to major decisions at NSE.
She conspired with Anand and influenced NSE officials to facilitate Subramanian in having access to the important decision-making process of NSE. During the same period, OBG Securities was gaining an undue advantage by logging into the secondary server. OBG Securities was warned repeatedly in 2012 that accessing the secondary server is a violation of NSE guidelines. But once Chitra was appointed MD, CEO of NSE, the exchange stopped issuing such warnings to OBG Securities without any justifiable reasons.
The court pulled up CBI once again and said the FIR was lying dormant and was in cold storage. Chitra was remanded to CBI custody for seven days.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng