Anand Subramanian was first appointed as Chief Strategic Adviser in the NSE in 2013
Former National Stock Exchange (NSE) group operating officer Anand Subramanian, whose appointment was allegedly among the decisions influenced by a yogi living in the Himalayas, was arrested by the CBI late Thursday night in a case involving stock market manipulation.
The arrest was made because of "fresh facts" emerging in a damning report by market regulator SEBI (Securities and Exchange Board of India) report, officials said on Friday.
Anand Subramanian was questioned for days in Chennai before the agency decided to arrest him, the officials said.
Anand Subramanian was first appointed as Chief Strategic Adviser in the NSE in 2013 and then promoted as Group Operating Officer in 2015 by then Managing Director Chitra Ramkrishna. In 2016, he left the National Stock Exchange after allegations of irregularities surfaced.
Chitra Ramkrishna is under investigation for allegedly sharing confidential information with a "yogi" in the Himalayas, who also influenced her decisions.
One of those decisions was Anand Subramanian's appointment and "frequent, arbitrary and disproportionate" hikes in his salary without any evidence of a performance evaluation, according to SEBI.
SEBI has charged Chitra Ramkrishna and others with alleged governance lapses in the appointment of Subramanian and his outsized promotion.
SEBI has fined Ramkrishna Rs 3 crore, and Rs 2 crore each is the fine imposed on NSE, Subramanian, former NSE MD and CEO Ravi Narain.