CBI arrested Anand Subramanian, a former top official of the NSE

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CBI arrested Anand Subramanian, a former top official of the NSE

New Delhi : The CBI arrested Anand Subramanian, a former NSE group operating officer, late Thursday night, days after he was questioned about his role at the country's largest stock exchange. Subramanian had also been served with notices by the central investigation agency as part of an investigation into NSE irregularities (National Stock Exchange).

In the midst of the investigation, emails exchanged between the NSE's former CEO Chitra Ramkrishna and a 'yogi' living in the Himalayas have gotten a lot of attention. The CBI questioned Ramakrishna for 12 hours last week in the 'tick-by-tick' manipulation case, which involves the unfair dissemination of information from the exchange's servers to those of stock brokers.

Ramkrishna was fined Rs 3 crore by market regulator Sebi (Securities and Exchange Board of India) earlier this month for exchanging confidential information via email with this 'yogi,' an unknown individual. According to a February 11 SEBI order, her interactions with this unknown individual influenced several key decisions she made as the head of the NSE between 2014 and 2016.

Following an investigation by the NSE, it was discovered that the email address in question was used by Subramanian. A fine of Rs. 2 crore was imposed on him as well. Ramakrishna's predecessor, Ravi Narayan, the former MD and CEO of the NSE, was also fined Rs 2 crore. The CBI had issued lookout circulars for all three of them in an attempt to prevent them from fleeing the country.