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
The Tenth Tata Mumbai Marathon Was Completed By NMMC Commissioner
Dr. Kailas Shinde, Commissioner of the Navi Mumbai Municipal Corporation (NMMC), has accomplished a remarkable feat by finishing the Tata Mumbai Marathon for the ninth year in a row.
Thousands of runners from all around the world attended this year’s marathon, which was held on Sunday to commemorate the famous event’s 20th anniversary. Dr. Shinde further demonstrated his dedication to endurance and fitness by finishing the difficult 42.195 km race in an astounding 4 hours, 29 minutes, and 12 seconds.
As evidence of his commitment to regular training and preparation, Dr. Shinde maintained a constant pace of 6 minutes and 23 seconds per kilometer throughout the marathon, which started at 5:00 a.m. at Chhatrapati Shivaji Maharaj Terminus in Mumbai.
This year’s achievement comes after Dr. Shinde’s outstanding performance in the Comrades Marathon, an ultramarathon in South Africa, when he exceeded the time limit by finishing the 86.6 km route in 11 hours, 10 minutes, and 56 seconds. His reputation as a focused and dedicated athlete was further solidified by this accomplishment.
Dr. Shinde has continuously put his training first despite his hectic administrative job and rigorous schedule, demonstrating that amazing outcomes are possible when hard effort, goal-setting, and preparation are balanced. In addition to reflecting his own accomplishments, his love of running provides as motivation for leading a healthy lifestyle.
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Residents Of Kharghar Express Concern Over The Increasing Number Of Roadside Shops And Encroachments
Residents of Kharghar are raising serious concerns over the growing encroachments and unauthorized shops in Sectors 30 to 40, which are causing inconvenience and safety issues. Locals have shared photographs showing illegal roadside stalls selling clothes, fruits, coconuts, and snacks, taking over footpaths and parking spaces.
One image shows a clothing shop operating from a car boot, while another captures coconut vendors blocking a busy intersection. A third photo highlights a snack stall covered with plastic sheets, further restricting pedestrian movement, especially under the newly constructed metro bridge.
Frustrated residents say these illegal setups are disrupting daily life. “We pay taxes for planned infrastructure, but these encroachments create chaos,” said Radhe Trivedi, a local.
Arvind Pawar, another resident, said multiple complaints to the Panvel Municipal Corporation (PMC) and CIDCO have seen little action. “We need stricter enforcement to remove illegal hawkers and restore order,” he added.
Citizens have taken to social media to highlight the issue, tagging government officials, including the Chief Minister’s Office of Maharashtra and MLA Prashant Thakur, demanding intervention.
Resident Lalita Iyer emphasized the need for long-term solutions to prevent future encroachments and protect Kharghar’s planned urban development.
With growing pressure from residents, authorities are now being urged to take immediate and strict action to remove these unauthorized commercial activities and restore public spaces to their proper use.
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The Marathi Language Conservation Fortnight Is Being Celebrated By NMMC With A Self-Poetry Recitation Competition
NMMC Hosts Self-Poetry Recitation Competition To Celebrate Marathi Language Conservation Fortnight.
The Competition
The Navi Mumbai Municipal Corporation (NMMC) held a self-poetry reciting competition to support officials’ and staff members’ poetic writing abilities. The occasion was a component of the two-week-long Marathi Language Conservation campaign.
Thirty-one poets took part in this event. From January 14 to January 28, the city government has organized a number of events to promote the Marathi language.
Ashok Gupte, a well-known poet and the grandson of the famed poet Bee, judged the self-poetry reciting competition. Gupte urged the poets to continue their commitment to producing high-caliber poetry. Despite their hectic work schedules, he commended the cops and staff for fostering their literary abilities.
The poet was especially grateful of the female staff members who had worked hard and passionately to develop their literary skills while juggling work and domestic duties. Gupte stressed the significance of delivery and presentation. He emphasized that there should be a natural rhythm and flow even in free verse poetry. According to an official, he encouraged contestants to keep competing, read quality poetry, and keep composing. During the occasion, Gupte also read a few of his own outstanding poetry.
The NMMC headquarters will host a lecture on “Mayboli Abhijat Marathi” by famous poet and writer Dr. Mahesh Keluskar. Navi Mumbai literature lovers are welcome to come and take part in this thought-provoking discussion.
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