{"id":28901,"date":"2022-03-11T22:11:11","date_gmt":"2022-03-11T16:41:11","guid":{"rendered":"https:\/\/tradebrains.in\/features\/dl-court-ld-nse-3\/"},"modified":"2022-03-11T23:14:23","modified_gmt":"2022-03-11T17:44:23","slug":"dl-court-ld-nse-3","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/dl-court-ld-nse-3\/","title":{"rendered":"NSE co-location scam: CBI opposes bail plea by former GOO, Delhi court reserves order"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1949536854\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>New Delhi, Mar 11 (PTI) The CBI on Friday opposed before a Delhi Court the bail application by Anand Subramanian in National Stock Exchange (NSE) co-location scam case, saying that the former group operating officer (GOO) impersonated as a \u201cHimalayan Yogi\u201d and influenced the decision making of former managing director and chief executive officer Chitra Ramakrishna.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2249215411\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0CBI counsel said that Subramanian remained evasive during interrogation and was a flight risk and should not be granted bail.\u00a0  \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u201cYou are (allegedly) the Himalayan Yogi, living in the high reaches of the Himalayas with divine powers. CBI was lying in hibernation for four years. They woke up now. I don&#8217;t know why,\u201d Special Judge Sanjeev Aggarwal remarked.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The judge reserved the verdict on the bail plea after hearing counsel for the agency as well as Subramanian, who is presently in judicial custody, and listed the order for pronouncement on March 24.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The former GOO was arrested by the CBI on February 24 and was remanded for custodial interrogation. He was sent to 14-day judicial custody on March 9.<\/p><div class=\"trade-content_5\" id=\"trade-3090784430\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 While the court observed the accused did not flee in the last four years, the CBI prosecutor VK Pathak stated that Subramanian thought that nobody would identify him.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Lawyer Arshdeep Singh, appearing for Subramanian, said that he was \u201cnot the Himalayan Yogi\u201d.\u00a0  \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CBI counsel said that there were emails between Subramanian and Ramakrishna sharing sensitive information and that a probe has to be done on the aspect of financial gains to them.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u201cThere are various malpractices apart from the co-location They visited tax haven countries. This aspect has to be looked into,\u201d he said.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0\u201cHe was the main advisor to the MD. He was advising each and everything. Chitra Ramakrishna took decisions under influence. There was some financial gain, tours to foreign countries. We are looking into it,\u201d it was further submitted.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 &#8220;You take a lot of time. You keep looking,\u201d remarked the judge who also observed that life and liberty can&#8217;t be restricted based on presumptions and assumptions.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CBI counsel said that it was in the process of analysing 832 GB data and the probe has been extended to several brokers and that the accused has been uncooperative and evasive.<\/p><div class=\"trade-content-10\" id=\"trade-1532520917\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Subramanian&#8217;s lawyer sought his release on bail on the ground that he was not named in the FIR, he had no role in the NSE co-location facility while specifically denying the allegation that he was the &#8220;Himalayan Yogi&#8221; who allegedly influenced Chitra Ramakrishna&#8217;s decision making.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The lawyer said that Subramanian joined NSE only in April 2013 and the period of offence was 2010 to 2014.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 He also argued that although the investigation can go beyond the FIR, there has not been reasonable nexus between the subject matter of the FIR and events being brought under its ambit and therefore the issue of his appointment cannot be a matter of the present investigation.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Singh further informed that SEBI has already exonerated him in the proceedings concerning the co-location facility.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The court observed that Subramanian received an &#8220;unthinkable&#8221; hike in his remuneration when he joined the NSE and asked what was so special.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 &#8220;Rs 2.5 crore from Rs 15 lakh per annum. A huge jump in the salary. What was so special,&#8221; the judge remarked.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Singh said that the accused would cooperate with the investigation and was not a flight risk.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 On March 9, the court had pulled up the CBI for the tardy investigation in the case, saying that the magnitude of the case will be big and the reputation of the country was at stake.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 FIR in the NSE co-location scam was registered in 2018 for the alleged commission of offences under sections 204 (destruction of document or electronic evidence) and 120B (conspiracy) of the Indian Penal Code as well as the violation of the provisions of the Information Technology Act and Prevention of Corruption Act.\u00a0\u00a0\u00a0  \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 In the co-location facility offered by the NSE, brokers could place their servers within the stock exchange premises giving them faster access to the markets.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 It is alleged by the investigating agency that some brokers in connivance with insiders abused the algorithm and the co-location facility to make windfall profits.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Last week, CBI had sought Chitra Ramakrishna&#8217;s custodial interrogation to unearth the criminal conspiracy and the role of other NSE officials and brokers in the company.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 It had submitted that the material already collected in the case shows that Ramkrishna in conspiracy with Subramanian had improperly hired him by coercing the HR department of NSE.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0Thereafter, she, in conspiracy with Subramanian, influenced the officials of NSE to facilitate him in having access to important decision-making processes of the NSE. During the same period, M\/s OPG Securities was gaining undue advantages in NSE by logging into the secondary server, it had said.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0The CBI had further alleged that Ramkrishna, with Subramanian, abused her official position as the MD of NSE and got him appointed as her Chief Strategic Advisor\/ Consultant by creating this post of Chief Strategic Advisor to accommodate and appoint him bypassing the prescribed due procedures at NSE. PTI ADS   RKS RKS<\/p>\n<div class=\"trade-after-content\" id=\"trade-1183465025\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, Mar 11 (PTI) The CBI on Friday opposed before a Delhi Court the bail application by Anand Subramanian in National Stock Exchange (NSE) co-location scam case, saying that the former group operating officer (GOO) impersonated as a \u201cHimalayan Yogi\u201d and influenced the decision making of former managing director and chief executive officer Chitra [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-28901","post","type-post","status-publish","format-standard","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - 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