New Delhi, May 21 (IANS): The CBI on Saturday launched a search operation at over ten locations in connection with the National Stock Exchange (NSE) co-location scam involving the financial institution's former MD and CEO Chitra Ramkrishna and the ex-Group Operating Officer Anand Subramanian.

According to a source, the raids, which started this morning, were underway in Delhi, Kolkata, Mumbai, Gurugram, Gandhi Nagar besides other parts of the country.

The Central Bureau of Investigation (CBI) had filed a charge sheet in the matter in April.

Though the probe agency has been probing the matter since May 2018, it could not gather any concrete evidence to identify mysterious Himalaya Yogi with whom the classified informations were shared by Ramkrishna.

Recently, the SEBI had imposed a fine of Rs 3 crore on her, following the market regulator's finding that she allegedly shared vital inputs about the NSE with the Yogi. "Information regarding organisational structure, dividend scenario, financial results, human resource policies and related issues, response to regulator, etc., were shared by her with the yogi," said the source. Between 2014 and 2016, she sent emails at rigyajursama@outlook.com.

On April 1, 2013, Ramkrishna became the CEO and MD of NSE. She brought Subramanian to NSE as her advisor in 2013.

Subramanian was made the Chief Strategic Advisor of NSE. He served at this post between 2013 and 2015 before being made Group Operations Officer and Advisor to the MD between 2015 and 2016, despite having no exposure to the capital market.

Previously working as a mid-level manager in Balmer and Lawrie, he had seen his salary increased from Rs 15 lakh to Rs 1.68 crore annually, and then to Rs 4.21 crore.

Subramanian quit NSE in October 2016 and Ramakrishna in December 2016. The CBI swung into action in the case in 2018 and since then it is probing the matter.