NSE co-location case: CBI gets custody of Anand Subramanian till March 6

The Central Bureau of Investigation (CBI) has sent Anand Subramanian, former Group Operating Officer and advisor to former MD of National Stock Exchange (NSE) Chitra Ramkrishna, into custody till March 6.

Subramanian was arrested by the probe agency yesterday night in connection with the NSE co-location scam case. The National Stock Exchange, country's largest bourse, is believed to have rolled out co-location services in 2009-2010.

In addition, the former NSE group operating officer was produced virtually before a Delhi court today, according to sources.

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Subramanian was the Chief Strategic Advisor from April 1, 2013 and was subsequently re-designated as the Group Operating Officer (GOO) and advisor to Chitra Ramkrishna during her tenure as the MD and CEO from April 1, 2015 to October 21, 2016. 

As per complaints received by the Securities & Exchanges Board of India (SEBI), Subramanian was hired at such a senior position without any prior experience in the finance sector. He was also paid much more than most seniors at NSE. 

He was at times given two appraisals in a financial year. Not only that, his wife, Sunitha Anand, who worked at the Chennai office of NSE and was a ‘good friend’ of Ramkrishna, was also drawing a hefty salary that points towards favouritism. 

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SEBI found out that six consultants were appointed around the time Subramanian was brought onboard. Of the six, he received the highest package – Rs 1.68 crore for working four days a week – while the second highest went to Sunitha for s 60 lakh. The others were given compensation between Rs 12 lakh and Rs 38 lakh. 

Between 2013 and 2016, Sunitha saw her compensation more than double from Rs 60 lakh to Rs 1.34 crore.

Ramkrishna hit the headlines after a recent SEBI order said she was steered by a ‘yogi living in the Himalayas’, in the appointment of Anand Subramanian in the senior position. SEBI charged Ramkrishna and others with alleged governance lapses in the appointment of Subramanian as the chief strategic advisor and his re-designation as group operating officer and advisor to MD.

(With inputs from Chetan Bhutani and Munish Pandey)