Anand Subramaniam Former Nse Executive And Chitra Ramkrishna’s Advisor Arrested: All You Need To Know
Investigations had found that Subramaniam appointment was influenced by a ‘yogi’ living in the Himalayas
Commuters drive past the National Stock Exchange building in Mumbai. AFP
Anand Subramanian, the former group operating officer of the National Stock Exchange , was arrested by the Central Bureau of Investigation on Thursday night in the co-location scam.
Prior to his arrest, CBI officials had questioned Subramanian for days in Chennai.
Heres a look at who Anand Subramanian is and his role in this imbroglio.
Subramanian was the Chief Strategic Advisor from 1 April, 2013 and was subsequently re-designated as the Group Operating Officer and advisor to Chitra Ramkrishna during her tenure as the MD and CEO from 1 April, 2015 to 21 October, 2016.
He left the NSE in 2016 after allegations of irregularities surfaced.
Investigations into Subramanian began after Securities and Exchange Board of India had received several complaints between December 2015 to November 2016 alleging governance issues in the appointment of Subramanian.
According to the complaints, Subramanian was hired at such a senior position without having any proper experience in the finance sector and was withdrawing a salary of more than Rs 4 crore per annum which was much higher than most of the seniors at NSE.
Business Today reports that before joining NSE, Subramanian used to work with Balmer and Lawrie in middle-level management with zero exposure to capital markets.
With inputs from agencies
TAGS:
The Agency Will Produce Him Before A Court In Chennai For His Transit Remand To Bring Him To Delhi
The CBI has arrested former Group Operating Officer of National Stock Exchange Anand Subramanian after expanding its three-year probe into the co-location scam in the exchange in view of “fresh facts” that emerged in a damning Sebi report referring to a mysterious Yogi which was guiding actions of former CEO Chitra Ramkrishna and other irregularities, officials said on Friday.
Subramanian was taken into custody late Thursday night in Chennai, Tamil Nadu, they said.
He was questioned for days in Chennai early this week during which he was found evasive in his responses to the sleuths which prompted the Central Bureau of Investigation to examine him in custody, the officials said.
Also Read | Centre looking into governance lapses that happened at NSE: Sitharaman
The agency will produce him before a court in Chennai for his transit remand to bring him to Delhi, they said.
Once the plea is granted, the CBI will bring him to the national capital and produce him before a special court for seeking his custodial remand for questioning in connection with the case at its headquarters, they added.
An audit report allegedly referred to Subramanian as a mysterious Yogi, but it was dismissed by the Securities and Exchange Board of India in its report on February 11, the officials said.
Ramkrishna, who succeeded former CEO Ravi Narain in 2013, had appointed Subramanian as her advisor who was later elevated as Group Operating Officer at a fat pay cheque of Rs 4.21 crore.
Past Earnings Growth Analysis
Earnings Trend: 511208’s earnings have declined by 6.5% per year over the past 5 years.
Accelerating Growth: 511208’s has had negative earnings growth over the past year, so it can’t be compared to its 5-year average.
Earnings vs Industry: 511208 had negative earnings growth over the past year, making it difficult to compare to the Capital Markets industry average .
You May Like: How To Manage Investment Portfolio
The Indian Equity Indices Plunged Sharply On Thursday As Investors Turned Cautious After Russia Announced A Military Operation In Ukraine
On BSE, the overall market breadth was weak as 270 shares were advancing while 2,378 were declining.
New Delhi: The Indian equity indices plunged sharply on Thursday as investors turned cautious after Russia announced a military operation in Ukraine. Russian President Vladimir Putin authorised a special military operation in Ukraine’s Donbass region.
As of 1:29 pm, the benchmark BSE Sensex tanked 2,005 points or 3.50 per cent to 55,270 while the broader NSE Nifty moved 614 points or 3.52 per cent down to 16,448.
Asian share markets also slumped as Japan’s Nikkei fell 2.17 per cent, South Korea’s KOSPI was down 2.66 per cent and the Shanghai Composite index dropped 0.89 per cent.
Also, Brent oil surged to $100 a barrel for the first time since 2014 amid the Ukraine crisis.
Back home, mid-and small-cap shares were trading on a negative note as Nifty Midcap 100 index moved 2.65 per cent lower and small-cap shares shed 3.06 per cent.
All the 15 sector gauges — compiled by the National Stock Exchange — were trading in red. Nifty PSU Bank and Nifty Auto were underperforming the index by falling as much as 3.20 per cent and 2.71 per cent, respectively.
On the stock-specific front, Adani Ports was the top Nifty loser as the stock cracked 3.50 per cent to Rs 682. Tata Motors, Tata Steel, UPL and IndusInd Bank were also among the laggards.
On BSE, the overall market breadth was weak as 270 shares were advancing while 2,378 were declining.
Indian Police Arrest Former Official At Top Bourse Nse
A security guard walks past the logo of the National Stock Exchange inside its building in Mumbai, India, May 28, 2019. REUTERS/Francis Mascarenhas/File Photo
Register now for FREE unlimited access to Reuters.com
MUMBAI, Feb 25 – India’s federal police arrested a former senior official of the country’s largest stock exchange, a police source said on Friday, as part of an investigation into alleged corporate governance lapses at the bourse.
Anand Subramanian, a former top adviser to the National Stock Exchange’s former CEO Chitra Ramkrishna, was arrested by the Central Bureau of Investigation in connection with a 2018 case involving allegations that the bourse provided some high-frequency traders unfair access to speed up algorithmic trading, the source said.
A Feb. 11 order by the Securities and Exchange Board of India said Ramkrishna had for years shared confidential NSE information and sought crucial advice from an outsider she described as a Himalayan yogi. read more
Register now for FREE unlimited access to Reuters.com
The SEBI probe also found that the purported guru had substantial influence over the appointment of Subramanian, without any capital market experience, directly as an adviser to Ramkrishna with inadequate documentation and a salary higher than most senior NSE officials.
Subramanian was arrested in the southern city of Chennai, where he has been questioned in recent days, the source said. More details were not immediately available.
Don’t Miss: What Is The Best Small Investment App
