The Central Bureau of Investigation (CBI) on February 25 arrested Anand Subramanian, a former top official of the National Stock Exchange (NSE), in connection with alleged favour dolled out to certain traders.
The development comes as authorities pressed ahead with an investigation into the NSE scam case where certain private individuals and unknown NSE and SEBI officials were accused of preferential access to the NSE's server architecture and misuse of colocation facility.
News reports suggest that Subramanian, the former group operating officer and advisor to former managing director Chitra Ramkrishna, was held late on Thursday night from Chennai. Subramanian was the chief strategic advisor from April 1, 2013 before he was re-designated from April 1, 2015 until October 21, 2016.
Look-out circulars were issued against Anand Subramanian, Chitra Ramkrishna and Ravi Narain as part of the investigation. The CBI began questioning Ramkrishna last week.
Ramkrishna, the former head of the country's largest stock exchange, was accused of sharing information including the bourse's financial projections, business plans and board agenda with a purported spiritual guru in the Himalayas, markets regulator Securities and Exchange Board of India (Sebi) said.
