New Delhi: A CBI court in Delhi on Friday reserved order on the bail plea. Anand SubramaniamFormer Group Operating Officer (GOO) and Advisor to the former MD of National Stock Exchange (NSE).
He was the first person arrested by the CBI in the NSE co-location case last month.
Special CBI Judge Sanjeev Agarwal, after completing the arguments of both the sides on Friday, said that the order in the bail case will be passed on March 24, 2022.
Advocate Arshdeep Singh Khurana, appearing for Arvind Subramaniam, argued that in so far as the allegations contained in the FIR are concerned, the applicant has been “wrongly implicated in the case, as he is in no way from the charges so framed”. There is no crime. Reading the FIR also shows that.”
In fact, the FIR pertains to the alleged role of the applicant in improper access to co-location facilities to one Sanjay Gupta and his company OPG Security Pvt Ltd. It said that Sanjay Gupta managed the staff of the data center with the help of unidentified persons. NSE informed about the timing of switching of NSE Exchange Servers which gave him an unfair advantage, submitted Advocate Arshdeep Singh. Advocates Vishnu Mohan and Akash Lodha also appeared on behalf of Arvind Subramaniam in the matter.
The CBI counsel opposed the bail plea saying that 832 GB of data has been recovered.
“We have recovered it from archive. We have written to Microsoft to give us complete data. He was not cooperating with us. Even deleted content and some emails. Anand is very impressive And there is every possibility that he may run away.” CBI counsel said.
CBI further said that this person knew Chitra Ramakrishna before joining NSE. There are many emails from this person influencing Ramakrishna. The extracted email shows that sensitive information has been leaked.
Earlier, the CBI had said that they are looking into all aspects of the investigation seriously and there is a special team of 30 officers consisting of a senior officer to probe the case. “We are also probing the role of SEBI officials in the matter. We have also recently questioned former NSE MD Ravi Narayan.”
The court had also recently sent Chitra Ramakrishna, former managing director and chief executive officer of NSE, to CBI remand till March 14, 2022, in the NSE co-location case.
The CBI, while presenting Ramakrishna after his arrest, also told the court that he did not recognize Anand Subramaniam in the first meeting.
The CBI said in Chitra Ramakrishna’s remand application that she continued to give answers and mislead the investigating officer.
The CBI counsel said that the custodial interrogation of accused Chitra Ramakrishna is required to unearth the criminal conspiracy and the role of other NSE officials and touts in the company. She also has to face co-accused Anand Subramaniam, who is already in CBI police custody, to understand the magnitude and scope of the criminal conspiracy.
According to the CBI probe, the appointment of Group Operating Officer Anand Subramaniam was influenced by NSE Chairman and MD Chitra Ramakrishnan.
The CBI is probing the alleged improper dissemination of information from computer servers of market exchanges to stock brokers.
Earlier, the Securities and Exchange Board of India (SEBI) has penalized the National Stock Exchange (NSE) and its former CEOs Chitra Ramakrishna and Ravi Narayan and two other officials for lapses in recruitment at the senior level.
Ravi Narayan was MD and CEO of National Stock Exchange from April 1994 to March 2013, while Chitra Ramakrishna was MD and CEO of NSE from April 2013 to December 2016.
Market regulators found that the NSE and its top executives violated securities contract norms relating to the appointment of Anand Subramaniam as group operating officer and advisor to the managing director.
He was the first person arrested by the CBI in the NSE co-location case last month.
Special CBI Judge Sanjeev Agarwal, after completing the arguments of both the sides on Friday, said that the order in the bail case will be passed on March 24, 2022.
Advocate Arshdeep Singh Khurana, appearing for Arvind Subramaniam, argued that in so far as the allegations contained in the FIR are concerned, the applicant has been “wrongly implicated in the case, as he is in no way from the charges so framed”. There is no crime. Reading the FIR also shows that.”
In fact, the FIR pertains to the alleged role of the applicant in improper access to co-location facilities to one Sanjay Gupta and his company OPG Security Pvt Ltd. It said that Sanjay Gupta managed the staff of the data center with the help of unidentified persons. NSE informed about the timing of switching of NSE Exchange Servers which gave him an unfair advantage, submitted Advocate Arshdeep Singh. Advocates Vishnu Mohan and Akash Lodha also appeared on behalf of Arvind Subramaniam in the matter.
The CBI counsel opposed the bail plea saying that 832 GB of data has been recovered.
“We have recovered it from archive. We have written to Microsoft to give us complete data. He was not cooperating with us. Even deleted content and some emails. Anand is very impressive And there is every possibility that he may run away.” CBI counsel said.
CBI further said that this person knew Chitra Ramakrishna before joining NSE. There are many emails from this person influencing Ramakrishna. The extracted email shows that sensitive information has been leaked.
Earlier, the CBI had said that they are looking into all aspects of the investigation seriously and there is a special team of 30 officers consisting of a senior officer to probe the case. “We are also probing the role of SEBI officials in the matter. We have also recently questioned former NSE MD Ravi Narayan.”
The court had also recently sent Chitra Ramakrishna, former managing director and chief executive officer of NSE, to CBI remand till March 14, 2022, in the NSE co-location case.
The CBI, while presenting Ramakrishna after his arrest, also told the court that he did not recognize Anand Subramaniam in the first meeting.
The CBI said in Chitra Ramakrishna’s remand application that she continued to give answers and mislead the investigating officer.
The CBI counsel said that the custodial interrogation of accused Chitra Ramakrishna is required to unearth the criminal conspiracy and the role of other NSE officials and touts in the company. She also has to face co-accused Anand Subramaniam, who is already in CBI police custody, to understand the magnitude and scope of the criminal conspiracy.
According to the CBI probe, the appointment of Group Operating Officer Anand Subramaniam was influenced by NSE Chairman and MD Chitra Ramakrishnan.
The CBI is probing the alleged improper dissemination of information from computer servers of market exchanges to stock brokers.
Earlier, the Securities and Exchange Board of India (SEBI) has penalized the National Stock Exchange (NSE) and its former CEOs Chitra Ramakrishna and Ravi Narayan and two other officials for lapses in recruitment at the senior level.
Ravi Narayan was MD and CEO of National Stock Exchange from April 1994 to March 2013, while Chitra Ramakrishna was MD and CEO of NSE from April 2013 to December 2016.
Market regulators found that the NSE and its top executives violated securities contract norms relating to the appointment of Anand Subramaniam as group operating officer and advisor to the managing director.