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.
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Housing Sales Dip Across Major Cities, But Navi Mumbai Bucks the Trend
Home sales fell 6% in the July–September quarter, while Navi Mumbai recorded a 12% rise in demand.
The Dip
The housing market across India’s major cities saw a slowdown in the July–September quarter, but Navi Mumbai stood out with a rise in home sales.
According to a PropEquity report, housing sales across nine major cities fell by 6% year-on-year, with around 1.03 lakh homes sold during the quarter. Several major markets recorded a decline, including Pune, Chennai, Thane, Mumbai and Delhi-NCR.
Navi Mumbai, however, moved in the opposite direction. The city recorded a 12% increase in housing sales, with around 9,810 units sold, compared with 8,730 units during the same period last year. Hyderabad also reported an increase, while Bengaluru remained almost stable. The growth in Navi Mumbai comes despite the broader slowdown in the housing market.
New housing launches also declined during the quarter, indicating that developers are becoming more cautious about adding fresh inventory. Across the nine cities, about 98,165 new housing units were launched, lower than the previous year. Industry experts said the July–September period is generally affected by the monsoon, which can temporarily slow homebuying activity. The festive season from October onwards is expected to bring renewed interest from buyers, with developers likely to introduce new projects and promotional offers.
For Navi Mumbai, the rise in sales highlights continued demand for housing in the region, even as buyers in several other major cities remained more cautious.
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8,573 Ganesh Idols Immersed Across Navi Mumbai on Anant Chaturdashi
Thousands of devotees bid an emotional farewell to Bappa as civic teams ensured smooth and safe immersion arrangements.
The Visarjans
Navi Mumbai witnessed a grand and emotional conclusion to the 10-day Ganeshotsav as 8,573 Ganesh idols were immersed across the city on Anant Chaturdashi.
The immersion process continued through the night and was completed at around 5:30 a.m., with devotees turning up in large numbers to bid farewell to Lord Ganesha. Despite the crowds, the arrangements helped the process continue smoothly.
According to the Navi Mumbai Municipal Corporation (NMMC), the idols were immersed at 189 designated locations. These included 22 natural immersion sites and 156 artificial ponds. Of the total idols, 8,125 were household Ganesh idols, while 448 belonged to public Ganesh mandals. The civic body deployed lifeguards, volunteers, fire brigade personnel, medical teams and other staff at various locations. CCTV cameras, barricades, lighting, drinking water and first-aid facilities were also arranged to assist devotees.
The celebrations also saw citizens opting for more environmentally friendly practices. Around 1,420 Shadu clay idols were immersed, while artificial ponds helped reduce pressure on natural water bodies. NMMC workers also collected around 10.95 tonnes of nirmalya, including flowers and other offerings. The collected material was sent for composting instead of being dumped.
The peaceful conclusion of the immersion was made possible through the cooperation of devotees, volunteers and civic workers, bringing this year’s Ganeshotsav to a heartfelt close across Navi Mumbai.
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Traffic Jams Leave Kalamboli Commuters Frustrated
Heavy vehicles and ongoing infrastructure work slow traffic at one of Navi Mumbai’s busiest junctions.
The Jam
Traffic congestion at Kalamboli Junction has become a growing concern for motorists, with long queues and slow-moving traffic affecting commuters travelling through the area.
Kalamboli is an important connecting point for vehicles heading towards Mumbai, Pune, Panvel, JNPT and Uran. The junction handles a heavy mix of cars, buses and container trucks throughout the day. The increasing traffic volume has frequently resulted in delays, particularly during peak hours.
Ongoing infrastructure work around the junction has added to commuters’ difficulties. Diversions and changes in traffic movement have narrowed available routes in some stretches, making the daily journey more time-consuming.
For many commuters, a trip that normally takes a short time can now stretch considerably longer. Truck movement and vehicles merging from different directions further add to the pressure at the junction. Authorities are working on a major improvement project aimed at easing the situation. The plan includes flyovers, an underpass and a multi-level interchange that is expected to improve traffic movement and reduce dependence on signals once completed.
In the meantime, commuters are hoping for better traffic management and clearer diversions to reduce the daily inconvenience. With Kalamboli continuing to handle increasing traffic from several major highways, the junction remains a key focus for efforts to improve connectivity and ease congestion in Navi Mumbai.
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