Anand Subramanian, NSE's ex top official, arrested by CBI

Anand Subramanian, former group operating officer at the NSE, was arrested by the CBI late on Thursday night days after he was questioned about his role at the country's largest stock exchange. The central probe agency had also put out notices against Subramanian amid probe over irregularities at the NSE (National Stock Exchange).

The emails exchanged between the NSE's former CEO Chitra Ramkrishna with a 'yogi' living in the Himalayas have gained wide attention in the midst of the investigation. Ramakrishna was questioned for 12 hours by the CBI last week in the 'tick-by-tick' manipulation case - that pertains to the unfair dissemination of information from the servers of the exchange to those of the stock brokers.

Earlier this month, Market regulator Sebi (Securities and Exchange Board of India) had slapped a fine of Rs. 3 crore on Ramkrishna for exchanging confidential information over emails with this 'yogi', an unknown individual.

Several key decisions that she took as the NSE head between 2014 and 2016, a February 11 SEBI order revealed, were influenced by her interactions with this unknown individual.

A probe by the NSE later revealed that the email id in question was operated by Subramanian. He too was slapped with a fine of Rs.2 crore.

Ramakrishna's predecessor Ravi Narayan, the NSE's former MD and CEO, was also asked to pay a Rs. 2 crore fine.

The CBI had put out lookout circulars against all three of them to stop them from leaving the country.

In 2018, the central probe agency had filed a case against stock broker Sanjay Gupta, owner and promoter of Delhi-based OPG Securities Pvt Ltd, for allegedly making gains by getting early access to the stock market.