New Delhi: Officials stated the Central Bureau of Investigation (CBI) started a coordinated search operation at around ten locations across different cities today in connection with the NSE co-location scam.
They claimed that the search operation will include brokers in Mumbai, Gandhinagar, Delhi, Noida, Gurugram, and Kolkata, among other places.
According to officials, the government investigative agency has filed a charge sheet in the case against former National Stock Exchange (NSE) CEO and MD Chitra Ramkrishna and group operating officer Anand Subramanian.
According to the investigation, OPG Securities, one of the accused in the FIR, connected to the secondary POP server on 670 trading days in the “Futures and Options” sector from 2010 to 2015, when Ms Ramkrishna was handling the NSE’s affairs.
During the tenure of Ms Ramkrishna and Mr Subramanian, the CBI kept an active investigation into claims of preferential access offered to some brokers by NSE employees and disproportionate benefits earned from it.
Ms Ramkrishna, who took over from former CEO Ravi Narain in 2013, appointed Mr Subramanian as her adviser, and he was later promoted to group operating officer (GOO) with a salary of 4.21 crore per year, according to officials.
“It was alleged that the owner and promoter of the said private company abused the server architecture of the NSE in a conspiracy with unidentified officials of the NSE.
“It was also alleged that unidentified officials of NSE, Mumbai had provided unfair access to the said company using the co-location facility during the period 2010-2012 that enabled it to log in first to the exchange server of the stock exchange that helped to get the data before any other broker in the market,” the CBI has alleged in the FIR.
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