Central Bureau of Investigation (CBI) has arrested former group operating officer National Stock Exchange, Anand Subramanian.

Sources confirmed BusinessLine that the arrest took place late last evening on Thursday. “Judicial process to take place on Friday,” a source said, which will then decide whether Subramanian will be taken to Delhi or kept in Chennai itself. The arrest has been made in the Co-Location case after new developments took place in the wake of SEBI’s order dated February 11. The case was registered in 2018.

Related Stories
All you need to know about the NSE Co-location scam
The entire episode has raised questions about the governance and system lapses at the country’s premiere exchange

On February 11, SEBI charged former National Stock Exchange (NSE) CEO Chitra Ramkrishna and others with alleged governance lapses in the appointment of Subramanian as the chief strategic advisor and his re-designation as group operating officer and advisor to MD.

Last week and even earlier this week, CBI questioned him for days.

Last Friday, CBI issued a lookout circular (LoC) against Subramanian beside Ramkrishna and Narain.

The agency also questioned Ramkrishna in Mumbai and examined various e-mails between mysterious Yogi and Ramkrishna. These conversations were highlighted in order by market regulator SEBI on February 11.

Income Tax Department has already started questioning Ramkrishna, especially on the issue of talks about tax haven Seychelles. There are indications that Enforcement Directorate (ED) may also be roped in to look into any foreign exchange regulation violation. All these actions are taking place after the present NSE brass held a meeting last week with the Finance Ministry and tried to explain action initiated after Ramkrishna’s exit from the exchange in 2016.