subramanian: Roommate scam: CBI files indictment against former NSE CEO Chitra Ramkrishna, Anand Subramanian

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NEW DELHI: The CBI has filed its indictment against former NSE Managing Director and CEO Chitra Ramkrishna and former Group Operations Manager Anand Subramanian in its investigation of a roommate scam case, officials said Thursday.
Both Ramkrishna and Subramanian are in custody following their arrests by the CBI on March 6 and February 25 respectively, they said.
In his indictment filed in their special court here, the CBI alleged that Ramkrishna abused his official position in key decisions, among other charges. On February 11, SEBI had accused Ramkrishna and others of alleged governance failures during Subramanian’s appointment as chief strategic adviser and his reappointment as group chief operating officer and adviser to MD.
Ramkrishna had told the regulator that a mysterious informed “Yogi” was guiding her through emails to make the decisions.
The CBI which expanded its investigation into the roommate scam, after the SEBI report came out, arrested them both and told the court that Formless Yogi is none other than Subramanian who was allegedly a beneficiary of his decisions.
Ramkrishna, who took over from former CEO Ravi Narain in 2013, had appointed Subramanian as his adviser who was later elevated to Group Chief Operating Officer (GOO) with a hefty paycheck of Rs 4.21 crore by year, they said.
Subramanian’s controversial appointment and subsequent elevation, in addition to crucial decisions, were guided by an unidentified person who Ramkrishna said was a mysterious formless yogi living in the Himalayas, an investigation into his email exchanges during of the audit ordered by Sebi.
In his statement to Sebi, Ramkrishna had said that the unknown person with email id rigyajursama@outlook.com was a ‘Sidha-purusha’ or ‘paramhansa’ who had no physical personality and could materialize at will. .
Ramkrishna was appointed MD and CEO on April 1, 2013 and left the stock exchange in 2016.
It was during this period that the colocation was initiated by NSE, the CBI alleged in the indictment.
In the colocation offered by NSE, brokers could place their servers on the premises of the exchange, which would give them faster access to the markets. It is alleged that some brokers colluding with insiders have abused the colocation algorithm and facility to make windfall profits.



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