Anand Subramanian, former group operating officer at the National Stock Exchange, was arrested by the Central Bureau of Investigation from his Chennai home on Friday, The Times of India reported.
Subramanian was arrested in connection with a 2018 co-location case. The case pertains to allegations of preferential access to the National Stock Exchange’s algorithmic trading platform.
Subramanian, along with former National Stock Exchange Chief Executive Officer Chitra Ramakrishna, recently made news after the Securities and Exchange Board of India, or SEBI, had said that Ramakrishna took decisions at the stock exchange allegedly based on the guidance of an unknown Himalayan ascetic.
SEBI had alleged that Ramakrishna had appointed Subramanian on the directions from the ascetic and had given him “frequent, arbitrary and disproportionate” salary hikes during his tenure. It also said that Subramaniam allegedly manipulated Ramakrishna “by merely creating an identity of the ascetic.”
On Friday, the CBI said that Subramanian will be produced in a contempt court next, according to The Indian Express.
According to CBI, the arrest was made in light of “fresh facts” emerging from the report by SEBI, NDTV reported, citing unnamed officials of the agency.
The officials further said that Subramanian was questioned for four days in Chennai before the agency decided to arrest him.
On February 18, the CBI had also questioned Ramakrishna in connection with the same case and had issued circulars against Ramakrishna, another former chief executive officer of the National Stock Exchange Ravi Narain and Subramanian, to prevent them from leaving the country.