How did scammers game the LARGEST STOCK EXCHANGE in India to make 50000cr? | NSE Scam Explained | Anand Subramanian NSE Scam

Do you know about the biggest scam on the Stock exchange, bigger than the Harshad Mehta scam? 

In this blog, we will tell you the story of the biggest scam which was between the years 2011 to 2015. 

Who is Anand Subramanian?

MR Venkatesh, a senior advocate and chartered accountant based in Delhi, said: “He is the smallest of smalls. He is just a distraction.” The stories being spun about the involvement of a “Himalayan Yogi,” who allegedly advised former NSE head Chitra Ramakrishna, the arrest of Subramanian and the search for him are nothing but a ploy to divert attention. I believe the real target should be the co-location scam, and the rest is just collateral damage, a distraction that keeps everyone from focusing on the main issue,” he said.

Though little is known about the early life of Anand Subramanian, in the SEBI order against the former NSE chief and five others, his rise and influence following Ramkrishna’s elevation of him to be her advisor and GOO are well documented.

In a CBI investigation into the co-location scandal, it is alleged that Subramanian had also been connected to Chitra Ramkrishna through family ties, in addition to his professional relationship.

“I have met him two or three times, and he has always been very discrete,” recalled one Chennai-based investments consultant who met Subramanian for the first time a few years ago. “We have met several times since then.” The consultant described Subramanian as a man who would stand out in a crowd. The first thing that struck me was the way he was dressed, a bright formal suit and holy ashes against his forehead. The image stuck in my memory, I walked up to him and introduced myself, but he responded rather coldly. “I find it shocking that a person like him is virtually unknown on social media; he doesn’t have a profile picture or a name,” he concluded.

“We always felt that Anand Subramanian was more than just an NSE employee, he managed what was going on inside of the NSE very carefully, interacting only with the powerful.” -a senior market analyst.

“Smooth and silent” was how he was described by the analyst – one who made a point not to reveal that his wife, Sunitha Anand, served as the head of NSE’s Chennai Regional Office from April 1, 2013 to March 31, 2014.

We didn’t know that Subbu (as he was known in Chennai circles) was actually married to Sunita. He was not seen at random business gatherings or social events. He conversed with people very sparingly and was very selective about who he talked to, and sometimes his attitude bordered on arrogance said another Chennai-based stock analyst.

As a mid-level executive for Balmer Lawrie from 2001 to 2013, Subramanian earned Rs 15 lakh annually. In April 2013, Ramkrishna hired Subramanian as Chief Strategic Advisor to MD. His salary shot up to Rs 1.68 crore in the first year, and by 2017 to Rs 4.21 crore, an amount way above the norm.

His appointment by Ramkrishna was also done illegally without advertising or keeping the Human Resources department in the loop, as per the SEBI order. His wife Sunitha Anand was also in receipt of a “hefty salary”.

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Anand Subramanian’s arrest

The arrest of Anand Subramanian for NSE scam occurred on 25 February 2022, Thursday night, He was involved in irregularities in the exchange’s colocation facility from 2010 to 2015, The facility was alleged to have facilitated faster access to the exchange’s price feeds.

It was found that Chitra Ramkrishna sent confidential data to an email address  rigyajursama@outlook.com about the exchange, who was the former CEO and MD of NSE. He was introduced to Chitra in April 2013 as a chief strategic advisor.

In response to her questioning, this email address holder told her it belonged to a Siddha yogi primarily residing in the Himalayan ranges. The woman added that he possesses a great spiritual force and has guided for the last 20 years.

Anand Subramanian was arrested after consulting company E & Y discovered the yogi was him.

Sunitha Anand, his wife, was also employed by the NSE in Chennai and was paid a salary of Rs 60 lakh a year, which is about $79,685 when converted to US dollars. According to reports, she started working at the stock exchange in April 2013 and earned a salary of Rs 60 lakh annually.

A CBI investigation is also underway into Chitra Ramkrishna’s involvement in this case, because Ramkrishna worked as the CEO of the National Stock Exchange during her tenure, when Sunitha’s husband, Anand Subramanian, was hired as the head of NSE. The CBI is suspecting Ramkrishna had a hand in this scam.

Hearing on Subramanian’s bail

A hearing on Subramanian’s bail plea was held in front of Special Judge Sanjeev Aggarwal on Friday. During the CBI’s brief argument that he may flee, the judge stated that Subramanian hadn’t fled in the past four years. The CBI then continued by saying that Subramanian thought he could be a yogi for four years, no one would notice-he operated email IDs.

In court, Arshdeep Subramanian, Subramanian’s lawyer, said the scam took place between 2010 and 2014, while Subramanian was appointed in 2013. Subramanian’s lawyer said two internal inquiries had cleared him, “applicant has been completely exonerated by SEBI and it has been confirmed that he had no involvement,” he said.

In the high reaches of the Himalayas, you are the Himalayan Yogi with divine powers. For four years, the CBI had been asleep, but now they have awoken. I don’t know why.”

His lawyer responded on Subramanian’s behalf, “I am not a yogi.”

Subramanian was found to have “involved in the scam”, was known to Ramkrishna and influenced her decision-making, CBI prosecutor V K Pathak told the court. He said he has evidence of Subramanian’s involvement via e-mails.

“There are various malpractices by Chitra. In the email exchanges between Chitra and Subramanian, it was found that sensitive information was exchanged, He was the MD’s main adviser. This aspect needs to be investigated. They gained financial advantage. He was in a high position and was taking decisions. The CBI informed the court that he has not revealed the identities of the accused. His responses are evasive.

Even from a first glance at the FIR, Subramanian’s lawyer maintained that no criminal evidence was presented, “the FIR pertains to the applicant’s unfair facilitation of co-located facilities to one Sanjay Gupta and his firm OPG Security Ltd. He has no connection whatsoever to the alleged complaint,” he said.

Anand Subramanian Wife & Age

Anand Subramanian’s wife, Sunitha Anand, has also worked at the NSE’s Chennai headquarters. Since we are aware of many people who are curious about various details related to Anand Subramanian, we wanted to share her name with you.

Anand Subramanian is 55 years old now, which makes him a center of attraction, and people who are interested in business are interested in knowing more about him, we hope this article gives you enough background information about him, and if you want to stay updated with all the latest business news and updates, bookmark this page.

Anand Subramanian’s Net Worth

We will update this article when we obtain the actual net worth of Anand Subramanian, however, when the exact figure is available, we will update it here. Anand Subramanian is currently in the headlines, due to his involvement in the NSE Scam. Therefore, many people are asking about his financial status.

Now talking about the profession of Anand 

It is stated that Subramanian is a former group operating officer, however, you can check his LinkedIn profile where you will find numerous details, and you may be able to find out more about Subramanian’s career on his LinkedIn page, which can be found on the official website.