New Delhi

A Central Bureau of Investigation (CBI) Court in Delhi on Wednesday sent Anand Subramanian, former Group Operating Officer and advisor to former MD of National Stock Exchange (NSE), to judicial custody for 14 days.

He was the first person arrested by CBI in the NSE Co-Location case. The Special CBI Judge Sanjeev Aggarwal on Wednesday while sending him in judicial custody pulled up the CBI for the slow pace of the investigation and asked about the status of the investigation.

"We are seriously looking in the investigation and a special team of 30 officials consisting of a senior official to probe the case. We are also probing the role of SEBI officials in the matter. We have also recently questioned Ravi Narain, former MD of NSE," the CBI’s advocate told the court.

The same court is already scheduled to hear Anand Subramanian's bail petition on March 11 (Friday). Earlier on Monday, the court had sent former managing director and chief executive officer of NSE Chitra Ramkrishna in the same case on CBI remand till March 14, 2022.

The CBI in its remand application of Chitra Ramkrishna stated that Chitra Ramakrishna continues to provide evasive answers and misguide the Investigation Officer. CBI counsel submitted, "The custodial interrogation of the accused Chitra Ramakrishna is needed to unearth the criminal conspiracy and the role of other NSE officials and brokers in the company. She is also required to be confronted with co-accused Anand Subramanian, who is already in police custody of CBI, to understand the magnitude and scope of the criminal conspiracy."

According to the CBI, Subramanian's appointment was influenced by Ramakrishnan.

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

Earlier The Securities and Exchange Board of India (SEBI) has penalized the National Stock Exchange (NSE) and its former CEOs Chitra Ramakrishna and Ravi Narayan and two other officials for lapses in recruitment at the senior level.

Ravi Narain was the MD and CEO of the National Stock Exchange from April 1994 till March 2013, while Chitra Ramkrishna was the MD and CEO of the NSE from April 2013 to December 2016.

The market regulators observed that the NSE and its top executives violated securities contract norms relating to the appointment of Anand Subramaniam as group operating officer and advisor to the managing director.