CBI questions Anand Subramanian in co-location and algo scam case

The Central Bureau of Investigation has questioned former National Stock Exchange Group Operating Officer Anand Subramanian in a 2018 case related to the alleged abuse of server architecture of the exchange to provide access to a private company to the data before any other broker. It was alleged that the company was given preferential access to the market data feed from the exchange’s server, via an algorithmic trading software package named “Chanakya”, ahead of other brokers. Illegal access During 2010-12, the company got illegal access to the NSE’s server architecture in connivance with the exchange officials through “co-location” facility, which allowed it to log in first to the server ahead of other brokers. Earlier, on February 11, the SEBI had levied penalty on Mr. Subramanian and the two former NSE Managing Directors on various counts, including irregularities in his appointment as Chief Strategic Adviser and then his re-designation as the Group Operating Officer and Adviser to the then Managing Director.