NEW DELHI: A CBI court on Wednesday sent the Chennai-based ex-group operating officer of National Stock Exchange Anand Subramanian to 14-day judicial custody.
The Special CBI Judge Sanjeev Aggarwal reportedly pulled up the central investigating agency for the slow pace of the investigation. The court would hear Anand's bail plea on March 11.
Anand was arrested from his residence in Chennai on February 24 in connection with the co-location scam said to run into thousands of crores by some experts. He was sent into CBI custody till March 6 which was extended till March 9.
ALSO READ | Revealed: The Chennai house that Chitra Ramkrishna sold to Anand Subramanian's wife in 2021!
Anand along with ex-NSE CEO Chitra Ramakrishna and her predecessor Ravi Narain, were showcaused by the Security and Exchange Board of India (SEBI) in its order dated February 11 for a series of corporate governance lapses between 2013-2016.
CBI had arrested Chitra Ramakrishna on Sunday. On Tuesday, the CBI court sent Chitra to seven days CBI custody. Both Anand and Chitra were stated to be evasive during the CBI grilling.
On February 11, the SEBI had levied penalties on Chitra, NSE and others for violating rules while appointing Anand as chief strategic advisor and then re-designating him as the group operating officer and advisor to Chitra.
The CBI said that its probe has revealed that Ramkrishna hired Subramanian as consultant in NSE without “following due procedure” and by coercing the HR Department of the bourse. He was also delegated with substantial power of management akin to the powers granted to the then CEO & MD, it added.
Besides Ramkrishna and Subramanian, the CBI last month questioned NSE officials including former managing director Ravi Narain.
The scam dates back to January 2015 when a whistleblower informed SEBI about unfair practices at the NSE, where certain brokers were being given early access to the colocation facility at the stock exchange.
WATCH VIDEO