In the latest development in the National Stock Exchange Co-location scam involving its former CEO Chitra Ramkrishna and others, the Enforcement Directorate (ED) on Friday conducted a search operation at nine different locations in Haryana's Gurugram.

The search began on Friday morning.

Ramkrishna was earlier arrested by the CBI along with other co-accuseds. The ED case is on the basis of the CBI's FIR.

The CBI has been probing the matter since May 2018, but the agency hasn't found any concrete evidence to identify the mysterious Himalaya Yogi with whom the classified information was shared by Chitra Ramakrishna, the former Managing Director and CEO of NSE.

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

On April 1, 2013, Ramakrishna 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 increase 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 they are probing the matter.