NSE co-location case: Special Court reserves order on Anand Subramanian's bail plea

A special court of the Central Bureau of Investigation (CBI) has reserved order on bail plea of Anand Subramanian, former Group Operating Officer and advisor to former MD of National Stock Exchange (NSE) Chitra Ramkrishna, in the ongoing NSE co-location case. 

The court had earlier sent Subramanian to a 14-day judicial custody after 12 days of police custody.

Subramanian worked closely with ex-NSE boss Ramkrishna. She was arrested by CBI on Sunday after a special CBI court rejected her anticipatory bail. She was arrested in Delhi and taken for medical checkup, according to officials, and was later lodged in lockup at the CBI headquarters.

According to the complaints received by the Securities & Exchanges Board of India (SEBI), Subramanian was hired at such a senior position without any prior experience in the finance sector. He was also paid much more than most seniors at NSE.

The arrest was made in the case related to the co-location scam, the FIR for which was registered in May 2018, amid fresh revelations about irregularities at the country's largest stock exchange.

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

(With inputs from Aneesha Mathur)

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