NSE roommate case: CBI arrests another key defendant

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NSE case: Last month, the CBI conducted searches against brokers in more than 10 locations.

New Delhi:

The Central Bureau of Investigation (CBI) has arrested chief executive of brokerage OPG Securities Sanjay Gupta in connection with the National Stock Exchange (NSE) collocation case.

Delhi-based brokerage’s Sanjay Gupta has been named among the main beneficiaries of the National Stock Exchange (NSE) co-location scam.

Last month, the CBI conducted investigations against brokers in more than 10 locations in different parts of the country in connection with the alleged roommate scam.

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Research was carried out in Delhi, Mumbai, Kolkata, Gandhinagar, Noida and Gurugram.

In the NSE case, the central agency CBI had arrested former NSE managing director Chitra Ramkrishna and NSE group operations manager Anand Subranian.

CBI filed an indictment against Chitra Ramkrishna and Anand Subramanian in April.

The CBI finds in its investigations, which relates to allegations of brokers, who are preferred as colocation facilities in the NSE trading system, through which they purchased “rack space” for their servers.

According to the investigative agency’s First Information Report (FIR), “these traders quickly gained access to the exchange’s data feed.”

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In the NSE co-Location case, the CBI said the investigation indicates that the accused Chitra Ramakrishna, by misusing her official position, renamed the position of the accused Anand Subramanian as Group Operating Officer and Advisor to MD from April 1, 2015, without bringing the same to the notice of NRC and the Board.

The CBI is investigating the alleged improper dissemination of information from stock exchange computer servers to stockbrokers.

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Earlier, capital market regulator Securities and Exchange Board of India (SEBI) penalized the NSE and its former CEOs Chitra Ramakrishna and Ravi Narayan, along with two other officials for failings in senior-level recruitment.

Market regulator SEBI has observed that the NSE and its top executives breached securities contract standards relating to the appointment of Anand Subramaniam as group chief operating officer and adviser to the chief executive.

Chitra Ramkrishna served as Managing Director and CEO of NSE from April 2013 to December 2016.

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