Former NSE chief Narain, who was recently arrested by the ED in the case, has been sent to judicial custody. He was produced before the court on Friday as his two days of remand ended.
Following the orders of the Ministry of Home Affairs (MHA), the Central Bureau of Investigation (CBI) registered a case in the alleged National Stock Exchange (NSE) co-location scam that involved the phone tapping of NSE employees.
The FIR mentioned the names of Ramakrishna, Narain and Pandey for allegedly tapping the phones of NSE officials and other irregularities.
Pandey is the 1986-batch Indian Police Service (IPS) officer who retired from service on June 30. During the investigation, it was found that Pandey is closely related to the functioning and activities of a company called iSec Securities Pvt. Ltd.
The company had conducted a security audit of NSE around the time the alleged co-location irregularities have taken place.
The company was incorporated by Pandey in March 2001 and he quit as its director in May 2006. His son and mother took over the charge of the company. It has been alleged that illegal phone tapping of NSE employees was done between 2009-17.
(With inputs from agencies)