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How did scammers game the LARGEST STOCK EXCHANGE in India to make 50,000cr? : NSE Scam Explained: Business Case Study
On February 11, the SEBI had levied penalties on Chitra, NSE and others for violating rules while appointing Anand as chief strategic advisor and then re-designating him as the group operating officer and advisor to Chitra. The CBI said that its probe has revealed that Ramkrishna hired Subramanian as consultant in NSE without “following due procedure” and by coercing the HR Department of the bourse. He was also delegated with substantial power of management akin to the powers granted to the then CEO & MD, it added. Besides Ramkrishna and Subramanian, the CBI last month questioned NSE officials including former managing director Ravi Narain.The scam dates back to January 2015 when a whistleblower informed SEBI about unfair practices at the NSE, where certain brokers were being given early access to the colocation facility at the stock exchange. In this vidoe we explain how they did this!