However, Subramaniam’s counsel had argued before the lower court that no criminality could be attributed to him, as he played no role in the daily affairs of NSE and was only an employee and not the decision maker.
It was argued that SEBI had given him a clean chit since he was not involved in co-location matters directly or indirectly, and was only taking care of regular operations of the Exchange on the regulatory side of things.
Source: Barandbench
