NSE co-location scam case: Chitra Ramkrishna, Anand Subramanian get statutory bail

Subramanian was arrested by the CBI on February 24. The CBI had arrested Ramkrishna on March 6, a day after her anticipatory bail application was dismissed by a trial court.
chitra ramakrishna bccl

Former Managing Director of NSE Chitra Ramakrishna. (file)

Photo : BCCL
New Delhi: The Delhi High Court on Wednesday granted statutory bail to former managing director of NSE Chitra Ramkrishna and former Group Operating Officer Anand Subramanian in the case. Last month, a Delhi court had rejected Ramkrishna's bail plea.
Justice Sudhir Kumar Jain said he was granting "statutory bail" to the two former officials of the NSE.
Subramanian was arrested by the CBI on February 24. The CBI had arrested Ramkrishna on March 6, a day after her anticipatory bail application was dismissed by a trial court.
In a status report filed in the bail plea by Subramanian, the CBI said the investigation has established that co-accused Ramkrishna abused her official position at NSE to illegally appoint him as the Chief Strategic Advisor and also arbitrarily and disproportionately hiked his compensation and re-designated him as group operating officer without requisite approvals.
An FIR was registered in the case in May 2018, amid fresh revelations about irregularities at the country's largest stock exchange. The CBI is probing the alleged improper dissemination of information from the computer servers of the market exchanges to stock brokers.
Ramkrishna was the MD and CEO of the NSE from April 2013 to December 2016.
The agency further claimed that Ramkrishna was communicating with an external email-id being operated by Subramanian and examination of witnesses was being carried out to unearth the whole conspiracy in the case.
Meanwhile, the Enforcement Directorate, earlier this month, filed its first prosecution complaint, which is equivalent to a chargesheet, in a money laundering case revolving around the illegal phone tapping of NSE employees
This is the second chargesheet that has been filed against Chitra. Earlier she was named as an accused along with then NSE's Group Operating Officer Anand Subramanian by the CBI in the colocation and algorithm scam. With the court denying bail to her, Chitra is presently in judicial custody.
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