NSE Co-Location Scam: Delhi Court Dismisses Bail Plea Of Former Group Operating Officer Anand Subramanian

A Delhi Court on Thursday dismissed the bail plea of former Group Operating Officer of the National Stock Exchange (NSE) Anand Subramanian in connection with NSE co-location scam case.

Special CBI Judge Sanjeev Aggarwal of the Rouse Avenue Court denied bail to Anand Subramanian after reserving the order earlier this month.

Advocates Arshdeep Singh and Vishnu Mohan appeared on behalf of Anand whereas the bail plea was opposed by Public Prosecutor VK Pathak who appeared on behalf of Central Bureau of Investigation (CBI).

The FIR was registered in the year 2018 under sec. 204 (destruction of document or electronic evidence) and 120B (conspiracy) of IPC and relevant offences under the Information Technology Act and Prevention of Corruption Act.

CBI is probing an alleged improper dissemination of information from the computer servers of the market exchanges to the stockbrokers.

According to CBI, it was alleged that the probe revealed that former NSE CEO Chitra Ramkrishna allegedly hired Anand Subramanian as consultant in NSE without following the due procedure and also by coercing the HR Department.

Anand Subramaniam is presently in judicial custody.

Anand Subramanian was sent to CBI custody till March 6 which was extended further till March 9. He was then sent to judicial custody on Wednesday.

Anand Subramaniam, Chitra Ramakrishna and Ravi Narain were showcaused by the Security and Exchange Board of India (SEBI) for various corporate governance lapses.

CBI had thereafter arrested Chitra Ramakrishna and a Special Court had sent her to CBI custody.

SEBI had levied penalties on Chitra Ramakrishna and others for violating rules while appointing Anand Subramaniam as Chief Strategic Advisor.

It was alleged by the probing agency that Chitra in conspiracy with Anand Subramanian influenced the NSE officials to facilitate him in having access to important decision making processes.

Last week, the Court remanded Chitra Ramakrishna to 14 days judicial custody.

Case Title: Anand Subramaniam v. CBI