Connect with us
Wednesday,11-November-2026
Breaking News

Business

NSE fraud case: CBI arrests Anand Subramanian

Published

on

NSE

 In a latest development in the NSE fraud case, the Central Bureau of Investigation (CBI) has arrested Anand Subramanian, the former Chief Strategic Advisor of National Stock Exchange, from Chennai on the intervening night of Thursday and Friday.

A source told IANS that he will be produced before the concerned court. The federal probe agency will seek his custodial remand.

Recently his statements were recorded for three consecutive days in Chennai. But, he was evasive throughout the questioning, sources said.

Subramanian was brought to the NSE by Ramakrishna and he reportedly had access to the email ID on which the emails were sent to Yogi with whom the classified information was shared.

The CBI recently raided the SEBI office and recovered some incriminating documents, including digital documents.

“These are crucial documents and evidence nailing the lies of the alleged accused involved in the case. We are in the process of making a foolproof case against all the accused. These will help the prosecution in proving our case when it goes to court,” said the source.

The CBI had on February 19 grilled erstwhile NSE director Ravi Naraian. He served as the CEO of NSE before Chitra Ramakrishna.

Earlier, it was said that he had fled to London and was living there. But the CBI source confirmed to IANS that Ravi Naraian was in Delhi where his statement was recorded.

“Ravi was asked to join the investigation. He responded to our summon. He was called at the Delhi office where he was grilled. He is also a suspect in the case,” said the CBI source.

Ravi too was evasive and tried to evade a lot of questions. He also requested that his LOC should be closed.

Chitra Ramakrishna, the former MD and CEO of National Stock Exchange was recently grilled by the CBI in Mumbai. On February 18 she got her statement recorded with the federal probe agency.

The CBI had asked her around 50 questions. She had tried to play the victim card by claiming that she didn’t know a lot of things. She also had claimed that she was innocent and somebody was trying to frame her.

The CBI had asked her, for how long she had been sending mails to Yogi Baba, was she given any cut for sharing classified information, if yes where has she invested the money.

The CBI had already opened Lookout Circular against Chitra, Anand Subramanian and Ravi Narayan.

Sources told IANS that Chitra and two others involved in the case were flight risk and hence the LOC was issued against them.

The CBI had lodged an FIR against Chitra on the basis of the 192-page report of SEBI in which she has been accused of leaking classified information to a Yogi who lived in the Himalayas.

The mystery man Yogi has still not been found by the CBI.

On February 17, the Income Tax Department conducted raids at the house of Chitra in Mumbai and Chennai. Incriminating documents were recovered during the raids.

The I-T department scanned various transactions and digital records. They also recorded the statements of a few of her employees.

Recently SEBI had imposed a fine of Rs 3 crore on her. SEBI had uploaded a 192-page order on its official website narrating how Chitra was allegedly involved in suspicious activities by leaking information.

Chitra had said that a sage, who lives in the Himalayas, was giving her directions. She also sent him emails regarding the NSE.

She quit SEBI in December 2016.

It has been learnt that she allegedly shared vital inputs 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.

Subramanian was made the Chief Strategic Advisor of NSE. He served at this post between 2013 and 2015. He was given the post of group operating official and advisor to the MD. He discharged his duties on this post between 2015 and 2016.

Subramanian, who had previously been working as a mid-level manager in Balmer and Lawrie, had no exposure to the capital market. His salary was increased from Rs 15 lakh to Rs 1.68 crore annually. In 2017 his salary was hiked to Rs 4.21 crore yearly.

Business

IT Q2 results beat low expectations, but demand recovery pushed to FY28: Report

Published

on

India’s information technology (IT) services sector delivered Q2 FY27 results that were modestly ahead of subdued expectations, but the broader recovery in demand is increasingly being pushed into FY28 as companies contend with pricing pressure and AI-driven disruption, a report said on Friday.

The report from BNP Paribas India said investors responded positively to better-than-expected earnings after analysing quarterly results from 15 Indian IT services companies, including five large-cap and 10 mid-cap firms.

Shares of the covered companies rose by a median 5 per cent following the results after having declined about 23 per cent year-to-date in 2026.

The market rewarded better-than-feared revenue, margin expansion and strong deal momentum, while penalising margin pressure and weak deal wins. Demand remains steady but narrow, with the financial services vertical as the bright spot.

“While FY27 headline revenue growth guidance cuts seemed modest, the organic cut was sharper, implying that FY27 organic revenue is likely to trail FY26, with acquisitions filling in the gap partly,” the report said.

“AI-led work continues to grow even as clients demand pass-back of the productivity gains, shrinking the legacy books and pushing down pricing pressure. With seasonally weak H2FY27, companies now expect recovery in FY28, supported by large deal ramp-ups,” the report noted.

Collectively, 60 per cent of the firms beat on revenue and 53 per cent beat on EBIT margin expectations, while 27 per cent missed on revenue growth and 40 per cent missed EBIT margin expectations.

Deal Total Contract Value (TCV) inched up modestly annually in Q2FY27, underpinned by strong wins of three companies. Headcount increased slightly sequentially, while attrition and utilisations improved modestly.

Another recent report said that management commentary across nearly all major Indian IT companies during Q1 FY27 earnings season showed that clients demanded measurable outcomes, governance frameworks and stronger data foundations before committing to large-scale AI rollouts.

Continue Reading

Business

India bolsters ties with diamond-producing countries

Published

on

India, as Chair of the Kimberley Process (KP) for 2026, has flagged key priorities concerning the global diamond industry, including responsible rough diamond sourcing as part of its outreach ahead of the KP Plenary to be held in Delhi from November 30 to December 4, according to a statement issued by the Commerce Ministry on Thursday.

The issue was discussed at a stakeholder consultation in Angola’s Luanda on Tuesday, chaired by Additional Secretary Yashvir Singh on India’s behalf, which brought together the Chairs and Vice-Chairs of KP Working Groups and Committees (KP Working Bodies), the KP Vice-Chair (of Ghana), and the former KP Chair (of the United Arab Emirates). Representatives of observers and partner organisations, including the World Diamond Council and the African Diamond Producers’ Association (ADPA), also participated in the discussion, the statement said.

India has observer status in the ADPA, providing an institutional platform for engagement with African diamond-producing countries. This offers opportunities for cooperation in securing rough diamond supply chains, technical knowledge exchange, value addition, market access and the promotion of ethical and sustainable practices.

The 13th Extraordinary Meeting of the ADPA Council of Ministers, held alongside the 20th anniversary celebrations, approved a Memorandum of Understanding (MoU) between the Gem & Jewellery Export Promotion Council (GJEPC), India, and the ADPA. The MoU seeks to strengthen cooperation between the Indian gem and jewellery industry and African diamond-producing countries, including through capacity building and skills development in diamond sorting, valuation and manufacturing, exchange of technical expertise, and the promotion of trade and investment linkages across the diamond value chain, the statement said.

Yashvir Singh said: “India’s chairship places emphasis on confidence, compliance and credibility. The consultation in Luanda provided an opportunity to engage directly with the leadership of the KP working bodies, the KP Vice-Chair and observers on issues that are important to the future of the Process and the diamond industry. Our endeavour is to build a shared understanding of the issues before the New Delhi Plenary and to advance practical outcomes through constructive dialogue and consensus-based decision-making.”

Discussions covered the sustainability of diamond-producing countries and communities, sustainable funding and continuity of the KP Secretariat, digitalisation of certification and statistical processes, and strengthening compliance with the Kimberley Process Certification Scheme.

Participants also exchanged views on the reform of the conflict diamond definition, responsible sourcing, artisanal and alluvial diamond production, consumer confidence and the importance of effective reporting and peer-review mechanisms.

The ADPA, established in 2006 in Luanda, seeks to enhance cooperation among African diamond-producing nations. It effectively comprises 15 member countries and 8 observers, including two non-African observers, namely Russia and India. Its member countries collectively account for over 60 per cent of global diamond production.

Continue Reading

Business

Adani Ports to acquire Europe’s Evos for 2.56 billion euros in major global expansion

Published

on

Adani Ports and Special Economic Zone Limited (APSEZ) on Thursday announced the acquisition of Netherlands-based Evos B.V., Europe’s second-largest independent liquid storage operator, in an all-cash transaction valued at an enterprise value of 2.56 billion euros.

Under the agreement, APSEZ will acquire a 100 per cent stake in Evos from Igneo Infrastructure Partners.

The deal values Evos at an equity value of 1.18 billion euros and implies an acquisition multiple of 11.7 times CY25 EV/EBITDA.

The transaction will be funded through debt and remains subject to regulatory approvals and works council consultation.

“APSEZ, India’s largest and one of the world’s fastest growing Integrated Transport Operator, agrees to acquire 100 per cent stake in Netherlands-headquartered Evos B.V. (Evos) from Igneo Infrastructure Partners. The proposed transaction is an all-cash deal at an enterprise value of 2.56 bn euros,” the official statement said.

For calendar year 2025, Evos reported revenue of 392 million euros and EBITDA of 219 million euros, translating into a robust EBITDA margin of 56 per cent.

Following the acquisition, the combined entity’s pro forma net debt-to-EBITDA ratio is expected to stand at 2.76 times and decline to around 2.5 times by FY27.

Commenting on the deal, Karan Adani, Managing Director of APSEZ, said the acquisition marks a significant milestone in the company’s journey toward handling one billion tonnes of cargo and building a truly global integrated transport platform.

“Evos marks an important milestone in APSEZ’s trajectory towards handling 1 billion tons of cargo and building a truly global, integrated transport platform. We are delighted to welcome Evos into our portfolio, giving us significant presence across key global liquid storage and energy hubs,” Karan Adani noted.

“We look forward to partnering with Europe, supporting its sustainable energy transition and creating enduring value while maintaining the financial prudence that underpins our growth,” he added.

Headquartered in the Netherlands, Evos operates 6.3 million cubic metres of storage capacity across eight strategically located port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta.

The company has a presence in major energy and industrial hubs, including the Amsterdam-Rotterdam-Antwerp region, Hamburg and the Mediterranean.

Continue Reading

Trending