Court dismisses bail petitions of NSE co-location scam accused former CEO, accomplice

NSE Co-location case: Delhi Court dismisses the bail petitions of Chitra Ramkrishna, former managing director (MD) and chief executive officer (CEO) of the National Stock Exchange (NSE) and Anand Subramanian, former Group Operating Officer and Advisor to MD.

ET Now Digital

Updated May 12, 2022, 14:10 IST

Former NSE CEO Chitra Ramkrishna

Photo : PTI

New Delhi: A Special Court on Thursday, May 12, dismissed the bail petitions of former NSE MD & CEO Chitra Ramkrishna and Anand Subramanian, former Group Operating Officer and advisor to MD.

A special court on Monday had deferred passing the order on bail petitions of Ramkrishna and Subramanian in connection with the NSE co-location case for May 12. The CBI recently arrested Ramkrishna and Subramanian in connection with the NSE co-location case. The Court had fixed May 9, 2022, for order on both bail applications which was later scheduled for May 12.

The CBI earlier told the court that Ramkrishna may tamper with the documentary/ digital evidence and manipulate the witnesses if released on bail.

"The petitioner was a high-ranking official of NSE during the relevant period. Incriminating evidence has already come to the fore against her. The consequences of granting bail will adversely affect the investigation." CBI also stated that the examination of other witnesses is underway to unearth the conspiracy related to the NSE co-location set-up and the role played by the applicant Ramkrishna therein.

The case pertains to the allegations against senior officials of the NSE where undue gains have been made by trading members by abusing the co-location facility. Investigation into the role and responsibility of top officials in facilitating unfair access to the co-location setup is underway, the agency said.

The CBI stated that accused Ramkrishna, by misusing her official position, re-designated the post of accused Subramanian as Group Operating Officer and Advisor to MD from April 1, 2015, without bringing the same to the notice of NRC and the board.

The CBI is probing the alleged improper dissemination of information from the computer servers of the market exchanges to the stockbrokers.

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