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NSE Scam | CBI yet to zero in on Yogi; charges against Ramkrishna, Subramanian likely in 10 days

The CBI chargesheet is likely to accuse former NSE top executives with fraud, conspiracy and cheating

March 30, 2022 / 10:09 AM IST

The Central Bureau of Investigation (CBI) has not yet established the identity of the elusive Himalayagan Yogi, who advised former National Stock Exchange (NSE) chief executive Chitra Ramkrishna for years, deepening the mystery surrounding the issue now known as the colocation scam.

The CBI is doubling down on the investigation of the 2018 case in which the NSE faces allegations of providing a bunch of high frequency traders unfair access to speed up algorithmic trading. Market regulator Sebi issued an order on a February 11 that revealed lapses at the exchange and said Ramkrishna was "merely a puppet" of a person she described as a yogi.

Read: CBI examining role of SEBI officials in 2016-19, suspects crime was deliberately hidden 

The inconclusiveness about the identity of the yogi adds another twist to the case. In a letter to Sebi in 2018, former NSE chairman Ashok Chawla said the yogi is none other than Anand Subramanian, a former top advisor to Ramkrishna. Chawla later clarified that his writing was based on a forensic audit by consulting firm EY. Multiple media reports have since said  Subramanian and yogi are the same persons.