NSE co-location case: CBI to rope in experts to understand nuances of alleged scam

The scam surfaced in December 2015 when market regulator Securities and Exchange Board of India (SEBI) started receiving complaints regarding irregularities in co-location facility of NSE and the appointment of Anand Subramanian as group operating officer (GOO), NSE.

SEBI started an enquiry into these allegations and forensic auditors were roped in. In 2018, CBI also filed an FIR in the matter. Initially OPG securities' Sanjay Gupta and Ajay Shah were accused while Ramkrishna and Subramanian's named surfaced in February after their premises were raided by the I-T department.

Later, on the intervening night of 24th-25th February, Subramanian was arrested by CBI followed by the arrest of Ramkrishna on March 6. The two are accused of conspiring with some brokers and NSE, SEBI officials to abuse the co-location facility of the stock exchange.

Ramkrishna was produced in a Delhi court on Monday and was remanded to CBI custody for seven days. During this period, CBI will interrogate her to find out the involvement of other NSE, SEBI officials and brokers in the case. CBI will also confront Ramkrishna with digital evidences gathered by the agency so far.