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Former India Stock Exchange Official Arrested in ‘Guru’ Probe

Anand Subramanian, once a top adviser to former National Stock Exchange chief executive Chitra Ramkrishna, was arrested in Chennai

Chitra Ramkrishna
The market regulator highlighted lapses at the exchange and said that Ramkrishna, who quit as CEO in 2016, was "merely a puppet" of someone she described as a yogi. Photo: Reuters.


Indian police have arrested a former senior official of the country’s largest stock exchange, a police source said on Friday, as part of an investigation into alleged corporate governance lapses at the bourse.

Anand Subramanian, once a top adviser to former National Stock Exchange (NSE) chief executive Chitra Ramkrishna, was arrested by the Central Bureau of Investigation (CBI).

He was seized in connection with a 2018 case involving allegations that the bourse provided some high-frequency traders unfair access to speed up algorithmic trading.

A February 11 order by the Securities and Exchange Board of India (SEBI) said Ramkrishna had for years shared confidential NSE information and sought crucial advice from an outsider she described as a Himalayan yogi.

The SEBI probe also found that the purported guru had substantial influence over the appointment of Subramanian, without any capital market experience, directly as an adviser to Ramkrishna with inadequate documentation and a salary higher than most senior NSE officials.

Subramanian was arrested in the southern city of Chennai, where he has been questioned in recent days, the source said. More details were not immediately available.

The arrest comes days after India’s market regulator imposed penalties on NSE, Ramkrishna, Subramanian and other former officials for governance failures and a “glaring breach” of regulations.

The CBI stepped up its investigation after SEBI’s order and has also questioned Ramkrishna in recent days. It also both prohibited both the former NSE CEO and Subramanian from leaving India for the time being.


  • Reuters, with additional editing by George Russell



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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.


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