The Central Bureau of Investigation (CBI) late on Thursday arrested Anand Subramanian, former chief operating officer of the National Stock Exchange (NSE), in connection with a probe into a 2018 stock market manipulation case, said a person with direct knowledge of the matter.
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The arrest happened after three days of continued questioning in Chennai; he would be produced before the special court for custody,” said the person.
The CBI’s case pertains to the so-called co-location scam where a few brokers wielded an unfair advantage over others when they accessed NSE’s high-speed trading platform or Algo trading and co-location platform. A case was registered in 2018 against OPG Securities Pvt. Ltd, a Delhi-based brokerage firm, and unnamed officials with the Securities and Exchange Board of India (Sebi) and NSE.
