Three ‘names' in the NSE co-location scam came to our notice in a row – Chitra Ramakrishna, the former CEO of NSE, Himalaya Yogi, whom Chitraji used to email and consult, and last but certainly not least, Anand Subramaniam – at the behest of Yogiji, Ramakrishna had made NSE ‘Chief Strategic Advisor', whose salary is ₹ 1.63 crore – and then promoted to ‘Group Operating Officer', whose salary is Rs 4.21 crore.
They don't know anything about ‘Anand Subramaniam' in the finance sector, despite having such an important position in NSE. In fact, according to reports, those capital markets were still clueless when Mr Subramaniam was given the position of chief strategic advisor – that is, a company's Rs. 15 lakhs take annum salary.
Seeing all this, it was in people's minds that, “Isn't Anand Subramaniam the same Himalayan yogi who was running NSE through Chitra Ramakrishna?
Let comes to know about Anand Subramaniam – in detail
Why is Anand Subramaniam's name coming up again and again in the NSE scam?
At the time of the NSE co-location scandal investigation, the angle of ‘Anand Subramaniam' first came to the mainstream media. And we came to know how India's largest stock exchange NSE was giving preferential treatment not only to the financial institution but also to its employees. And then as the investigation intensified, Anand Subramaniam's appointment is a scandal in itself – because he got the job on the basis of reference to a ‘baba', not credibility. The same Baba to whom Chitraji was passing the internal information of NSE, and he himself was running NSE by making those puppets.
Anand Subramaniam's appointment and promotion have seen a lot of lapses and according to the report ‘the increase and increase in the salary package of Subramaniam was not only arbitrary but also disproportionate'. 15 lakhs to 1.63 crores and then over 4.2 crores – now, who gets that increment? And that too when this great man worked only three days a week
Ex-NSE President Ashok Chawla and investigative journalist Sucheta Dalal – both say that Anand Subramaniam is the Himalaya Yogi with whom Chitra Ramakrishna used to talk over email. The NSE board has also said the same thing – but SEBI is repeatedly rejecting the theory.
Apart from Ramakrishna, Yogi, and Subramaniam, three big financial firms are also being named in this scam
From the history of SEBI's investigation report, there are ‘main beneficiaries of the scam – OPG Securities, Infotech Financial, and Omnesys Technologies. three are companies that have made an illegal financial profit by misusing their connection. OPG Securities also posted Million Profits on account of preferential access.
The interesting thing is that these Three Finance companies got illegal access to the NSE co-location server, due to which they got access to Markets earlier than other brokers – and you know, the stock market of Timings What a big role. According to Book Absolute Power by Sucheta Dalal and Debhasi Basu, Omnesys was also providing guaranteed profits to its clients due to this preferential access – that too on every trade.
If you are wondering, “What is the government's stand on this NSE scam?”
Well, till now neither the Finance Ministry has said anything nor the government has issued any statement. Ideally, the statement should be out by now, as NSE is not a one-off company but a first-line regulator, and a highly sensitive market infrastructure institution.
After all, it is a question of India's prestige, and as much pressure as it is to clean up the mess of NSE, it is better but unfortunately, the government is yet to say anything – may be waiting for the right time then maybe Yogi Baba's IP address. Too busy to track.
The next question is – will there be any impact on how trading happens?
NSE's co-location scam does not affect a retail investor and trader in any way but the way this lapse and scam has happened in the country's largest exchange and the same so many years – raises many questions on the whole business Infrastructure in India.
After all, NSE is a gem for technology and this scam has happened on the basis of technology. will not be affected much on normal trading but yes, it will definitely happen on NSE's IPO – Let me tell you, due to this scandal, NSE IPO has been delayed once again.
Looking forward to see what happens.