ED arrests former National Stock Exchange CEO Chitra Ramkrishna in illegal snooping case

The Enforcement Directorate (ED) on Thursday arrested former National Stock Exchange CEO Chitra Ramkrishna in an illegal snooping case. She was produced before a special CBI judge earlier today. The Delhi court has sent Chitra Ramkrishna to four-day ED custody.

The 59-year-old, who served as NSE’s CEO between 2013 and 2016, was arrested by the Central Bureau of Investigation (CBI) in March in connection with a probe involving former NSE employee Anand Subramaniam.

The Securities and Exchange Board of India (Sebi) on February 11 had charged Ramkrishna and others with alleged governance lapses in the appointment of Anand Subramanian as the chief strategic advisor and his re-designation as group operating officer and advisor to MD.

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In its order on February 11, the Sebi said, “During the investigation into the issue of co-location facilities at NSE, Sebi came across certain documentary evidence, which demonstrated that Chitra Ramakrishna had shared certain internal confidential information of NSE, organisational structure, dividend scenario, financial results, human resources policy, and related issues, response to regulator, etc., with an unknown person by addressing her correspondence to an email id during the period 2014 to 2016.”

Ramkrishna had been accused of sharing confidential information about the NSE via email with a “yogi who lives in the Himalayas”. It is suspected that this “yogi” was actually Anand Subramaniam.

On February 25, the CBI had arrested Subramanian after expanding its probe into the co-location scam in the exchange following “fresh facts” in the Sebi report that referred to a mysterious yogi guiding the actions of Ramkrishna.

Subramanian was allegedly referred to as the “yogi” in the forensic audit but Sebi in its final report, had rejected the claim.


Co-location is a setup in which the broker’s computer is placed in the same area where the stock exchange’s server is located. This gives brokers a speed advantage in comparison to other brokers. The broker whose computer is placed in the NSE’s server room gets access to market feed before other brokers, allowing them to make huge financial gains through stock trading.

In the CBI case, broker Sanjay Gupta allegedly had access to the co-location facility of the NSE, which enabled his firm, OPG Security Pvt Ltd, to access data before everyone else and make huge financial gains.

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