NSE Scam: ED Conducts Searches in Gurugram
In a latest development in the National Stock Exchange (NSE) co-location (Colo) scam involving its former CEO (chief executive officer) Chitra Ramkrishna and others, the Enforcement Directorate (ED) on Friday conducted search operation at nine different locations in Haryana's Gurugram.
The search began on Friday morning.
Ms Ramkrishna was earlier arrested by CBI (central bureau of investigation) along with other co-accused. The ED case is on the basis of CBI's FIR (first information report).
CBI has been probing the matter since May 2018, but the agency hasn't found any concrete evidence to identify the mysterious Himalaya Yogi with whom the classified information was shared by Chitra Ramakrishna, the former Managing Director and CEO of NSE.
Recently, the Securities and Exchange Board of India (SEBI) had imposed a fine of Rs3 crore on her following the market regulator finding that she allegedly shared vital inputs about the NSE with Yogi. "Information regarding organisational structure, dividend scenario, financial results, human resource policies and related issues, response to regulator, etc., were shared by her with the yogi," said a source. Between 2014 and 2016, she sent emails at [email protected].
On 1 April 2013, Ms Ramakrishna became the CEO and MD of NSE. She brought Subramanian to NSE as her advisor in 2013.
Mr Subramanian was made the Chief Strategic Advisor of NSE. He served at this post between 2013 and 2015 before being made group operations officer and advisor to the MD between 2015 and 2016, despite having no exposure to the capital market.
Previously working as a mid-level manager in Balmer and Lawrie, he had seen his salary increased from Rs15 lakh to Rs1.68 crore annually, and then to Rs4.21 crore.
Mr Subramanian quit NSE in October 2016 and Ms Ramakrishna in December 2016. The CBI swung into action in the case in 2018 and since then they are probing the matter.
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2 years ago
looks present raid to cover up the case.. such long investigation shows revenue Agencies have no intelligence network ..manned by intelligent persons
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