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Who is Anand Subramanian?
Anand Subramanian is the former Group Operating Officer (GOO) of the National Stock Exchange (NSE) and Chief Strategic Advisor to ex-CMD Chitra Ramkrishna.
Subramanian previously worked as Vice President at Leasing & Repair Services of Transafe Services Limited, a subsidiary of Balmer Lawrie & Co. Before joining the NSE, he was associated with the stock exchange as a consultant.
Subramanian had joined the NSE in April 2013 as chief strategic advisor when Chitra Ramakrishna took charge as MD and CEO. He was re-designated as GOO and elevated to group chief operating officer (COO) in April 2015.
Subramanian had joined the NSE in April 2013 as chief strategic advisor when Chitra Ramakrishna took charge as MD and CEO. He was re-designated as GOO and elevated to group chief operating officer (COO) in April 2015.
He had quit in October 2016 and in December that year, Ramakrishna also resigned as MD and CEO amid allegations of irregularities at the exchange’s co-location facility.
Allegations against Anand Subramanian
Market regulator Securities and Exchange Board of India (Sebi) alleged that Chitra Ramkrishna and Anand Subramanian ran a money-making scheme during their stint at NSE. The regulator also alleges that Ramkrishna made incorrect and misleading submissions to Sebi on the appointment and selection of Subramanian.
The order passed by Sebi dated February 11, 2022, highlights a frequent increase in Subramanian's compensation package without proper appraisal, documentation or file notings and with no involvement of the Human Resource (HR) head or the Nomination and Remuneration Committee (NRC).
Furthermore, the order talks about Subramanian being directed to “withdraw and surrender” to the unknown person a gross amount per month as “gratitude.”
A Sebi report in February 2022 revealed that Ramkrishna took key decisions at the NSE from 2013 to 2016 on the advice of an unknown “Himalayan yogi”, whom she had never met and who instructed her to appoint Subramanian as group operating officer.
Subramanian was offered a salary of Rs 1.68 crore per annum to join NSE as a chief strategic advisor from April 1, 2013, when he was a mid-level executive at an arm of Balmer Lawrie & Co. His salary was less than Rs 15 lakh per annum.
In less than three years, Subramanian’s salary jumped to Rs 4.2 crore for working as a consultant for four days a week. He was later re-designated as GOO and advisor to MD with effect from April 01, 2015, but was never declared key management personnel by NSE.
Anand Subramanian's arrest
The CBI arrested Anand Subramanian on February 25, 2022, after expanding its three-year probe into the co-location scam in the exchange in view of "fresh facts" that emerged in a Sebi report referring to a mysterious Yogi which was guiding the actions of former CEO Chitra Ramkrishna and other irregularities.
Latest Updates on Anand Subramanian
Passing a fresh order on May 31, SAT said "no ground has been made out for modifying our order dated 11th April, 2022. The application is rejected".
Both accused are presently in Judicial custody and recently moved default bail on the ground stated that the sanction, in this case, is still awaited from the competent authority
Both Ramkrishna and Subramanian, currently lodged in Tihar Jail under judicial custody, have been charge-sheeted under various sections of the IPC