India
CBI Has Made Significant Progress In NSE Co-location Scam : FM Sitharaman
The day after a special court in Delhi granted the Central Bureau of Investigation (CBI) permission to collect handwriting samples from Ex NSE Managing Director and Chief Executive Officer Chitra Ramakrishna about the National Stock Exchange (NSE) co-location fraud, Finance Minister Nirmala Sitharaman responded to the case in the Rajya Sabha on Tuesday, briefing on the information received so far regarding the scam.
The Finance Minister stated in her Rajya Sabha reply, “In the case of NSE co-location, the government and SEBI had received certain concerns. During the investigation, it was discovered that select stockbrokers were given priority access to the trading system. NSE, NSE’s prior CEOs, and key executives have all been held accountable for their failures in this area.”
“They have been subjected to monetary penalties and other limitations. In 2018, the CBI opened an investigation into the subject, citing pertinent sections of the Indian Penal Code, 1860, the Prevention of Corruption Act, 1988, and the Information Technology Act, 2000. The probe by the CBI is still ongoing. The CBI has stated that significant progress has been made in the case investigation “FM Sitharaman went on to say.
Scam using NSE co-location
The CBI is looking into the improper distribution of data from computer servers to stockbrokers. Brokers might use the NSE’s co-location facility to house their servers on the exchange’s facilities, giving them faster access to the markets. To make money, several brokers allegedly altered the algorithm and the co-location facility with the help of insiders.
Anand Subramanian, the former group operating officer (GOO) of the NSE, was denied bail by a Delhi court on March 24. On February 24, the CBI arrested him and remanded him in custody for questioning. On March 9, he was placed in judicial custody for 14 days. On the other hand, Chitra Ramkrishna, the former MD and CEO of the NSE, had her judicial detention extended until March 28 on March 14. On March 6, she was taken into custody.
After a SEBI probe indicated that she had been advised by a mysterious spiritual guru for the last 20 years in crucial NSE decisions, the Income Tax officials raided ex-NSE MD Chitra Ramkrishna and Anand Subramanian on February 17. The NSE, Chitra Ramkrishna and Ravi Narayan, as well as two other employees, were fined by the SEBI for recruiting mistakes at the senior level. From April 1994 until March 2013, Ravi Narain served as the NSE’s Managing Director and Chief Executive Officer, while Ramkrishna served as the NSE’s MD and CEO from April 2013 to December 2016. The NSE and its senior officials broke securities contract rules when they appointed Subramaniam as group operations officer and advisor to the managing director, according to the market regulator.
Latest News
FDA Suspends Three Dairy Units in Taloja Over Suspected Milk Adulteration
Authorities destroy 1,494 litres of suspected adulterated milk and register a criminal case against six people following inspections in Panvel.
The Adulteration
The Food and Drug Administration (FDA) has suspended the licences of three dairy units in the Taloja industrial area of Panvel following inspections that reportedly revealed violations of food safety and hygiene standards. The action was taken against Mateshwari Foods, Sawariya Milk and Milk Products, and Royal Foods, located in Balaji Industrial Park, Taloja.
During the inspection, FDA officials destroyed 1,494 litres of suspected adulterated milk and seized curd for further examination. Samples have been sent for laboratory testing, and further action will depend on the test results. A criminal case has also been registered against six people at Taloja police station. They are accused of involvement in the production, storage and sale of adulterated food products, raising concerns about the safety of dairy products supplied to consumers.
The FDA’s action highlights the importance of maintaining proper hygiene and following food safety regulations in dairy processing units. Authorities are investigating the matter, and further steps may be taken based on the findings. The incident has also raised concerns about the quality of milk and milk products available in the market, underlining the need for regular inspections to protect public health.
Latest News
Navi Mumbai AQI Remains Above 100, Activists Demand Stronger Pollution Control
Mahape records the city’s highest AQI at 141, while environmentalists call for stricter action and improved pollution standards.
The Demand
Air pollution continues to be a concern in Navi Mumbai, with the Air Quality Index (AQI) remaining above 100 since October 16. According to the Central Pollution Control Board’s (CPCB) National Air Quality Data Management System, the city recorded an AQI of 121 at 2.05 pm on October 19. Mahape reported the highest AQI at 141, while the monitoring station in Sector 2E, Kalamboli, recorded the lowest at 103. Other locations also registered elevated readings, including CBD Belapur (133), Koparipada-Vashi (131), Tondare-Taloja (125), Sanpada (115) and Nerul (109). PM10 and PM2.5 were among the prominent pollutants recorded in CBD Belapur.
Environmental activist BN Kumar criticised the administration’s response, stating that rising pollution levels reflected inadequate regulation of construction activities, vehicle emissions and industrial pollution. He urged residents to demand accountability and concrete measures to protect public health and the environment. Activists have also questioned the difference between India’s AQI classification and that of the United States. Under India’s system, readings between 101 and 200 are classified as ‘Moderately Polluted’. In the US, readings of 101–150 fall under ‘Unhealthy for Sensitive Groups’.
Jyoti Nadkarni, a Kharghar-based resident and environmental activist, called for India to upgrade its pollution standards and give environmental protection greater priority. The elevated AQI levels raise concerns for children, senior citizens and people with respiratory or cardiovascular conditions, who are particularly vulnerable to the effects of air pollution.
Latest News
Giant Digital Hoardings on Palm Beach Road Raise Tender Violation Concerns
Activists question the legality of installations, citing possible tender violations, road safety risks and lack of civic permissions.
The Hoardings
Giant digital hoardings installed at prominent junctions along Palm Beach Road have sparked controversy over alleged tender violations, road safety and civic accountability. Environmental activists and advertising agencies have questioned whether the installations comply with the Navi Mumbai Municipal Corporation’s (NMMC) advertising contract.
The five-year contract awarded to M/s Ronak Advertising Agency reportedly covers 36 existing hoardings at 30 public and community toilet locations across the city. The agency is said to pay the civic body approximately Rs 2.25 crore annually. However, allegations have emerged that large digital displays have been installed at prominent Palm Beach Road junctions beyond the locations specified in the contract. Activists have demanded an investigation into the permissions granted and compliance with the tender conditions. Local MLA Manda Mhatre had earlier objected to the installation of large hoardings near traffic signals and reportedly sought cancellation of the contract.
Activists have also warned that bright, illuminated displays featuring changing advertisements could distract motorists at busy junctions and increase road safety risks. Questions have additionally been raised about structural safety inspections and compliance with applicable regulations. Environmental activist Bhaskar Machhare said a delegation of activists and advertising contractors had met the municipal commissioner to raise concerns over the allegedly unauthorised installations.
According to Machhare, the commissioner clarified that he had not granted permission for the hoardings and directed the concerned officials to take immediate action. The controversy has intensified demands for a thorough inquiry into the approval process and the role of officials responsible for regulating outdoor advertisements. The civic body’s response and any action against the disputed structures are now being closely watched.
-
Fact Check6 years agoNidhi Razdan, fake Harvard professorship, and here is the explanation through her blog.
-
India4 years agoAs the arrangement with Prashant Kishor falls through Rahul Gandhi has gone overseas again and is uncontactable
-
Technology5 years agoBSNL reveals all new 4G plans starting at ₹16
-
Latest News5 years agoGovernment has spent ₹9,725 crores on Covid-19 vaccination drive so far
-
Latest News5 years agoTata wins Air India with ₹18,000 crore bid
-
Latest News5 years agoJharkhand government cuts Petrol price by massive ₹25 a litre but with a catch
-
Latest News5 years agoRaj Kundra Gave ₹25 Lakh Bribe to Mumbai Crime Branch to Avoid Arrest
-
Navi Mumbai5 years agoNavi Mumbai civic body raids and tests morning walkers, many found COVID positive
