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NSE top adviser Anand Subramanian arrested by Indian police

FILE PHOTO: A security guard walks past the logo of the National Stock Exchange (NSE) inside its building in Mumbai, India, May 28, 2019. REUTERS/Francis Mascarenhas/File Photo

A former top officer of India’s largest stock exchange was arrested on Friday, according to a police source, as part of an inquiry into suspected corporate governance failings at the market.

The news: The Central Bureau of Investigation (CBI) arrested Anand Subramanian, a former top adviser to the National Stock Exchange’s (NSE) former CEO Chitra Ramkrishna, in connection with a 2018 case involving allegations that the bourse gave some high-frequency traders unfair access to speed up algorithmic trading, according to the source.

  • Ramkrishna had exchanged secret NSE information for years and sought vital counsel from an outsider she portrayed as a Himalayan yogi, according to a February 11 order by the Securities and Exchange Board of India (SEBI).
  • The supposed guru also had a significant impact over the employment of Subramanian, who had no capital market experience, as a direct adviser to Ramkrishna with inadequate documentation and a salary higher than most senior NSE officials, according to the SEBI investigation.
  • According to the source, Subramanian was apprehended in the southern city of Chennai, where he has been questioned in recent days. More information was not available right away.
  • Subramanian did not respond to a request for comment right away.
  • The arrest comes just days after the Indian stock exchange, Ramkrishna, Subramanian, and other former officials were fined for governance failures and a “glaring breach” of regulations.
  • Following the SEBI’s directive, the CBI ramped up its investigation and recently questioned Ramkrishna. For the time being, it also prohibits both the former NSE CEO and Subramanian from leaving India.

A request for comment from NSE was not immediately returned. The exchange stated that it is “committed to highest standards of governance and transparency,” adding that the problem is “almost 6-9 years old.”

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