Delhi Court notice to CBI on Chitra Ramkrishna's bail plea in NSE co-location case

A special court of Delhi has issued notice to the Central Bureau of Investigation (CBI) on the bail plea of former managing director and chief executive officer of National Stock Exchange (NSE) Chitra Ramkrishna in connection with the NSE co-location case.

CBI Judge Sanjeev Aggarwal on Friday sought the response of the investigation agency within two weeks in the bail petition and fixed the matter for April 8, 2022, for detailed arguments. Chitra Ramkrishna is presently in judicial custody in the matter. She was arrested by the CBI on March 6, 2022, after her anticipatory bail was dismissed by the court.

In the National Stock Exchange Co-Location case, the CBI states that investigation has alleged that in pursuance to criminal conspiracy, the accused Chitra Ramakrishna, by misusing her official position, re-designated the post of accused Anand 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 stock brokers.

Earlier, The Securities and Exchange Board of India (SEBI) has penalized the National Stock Exchange (NSE) and its former CEOs Chitra Ramakrishna and Ravi Narayan and two other officials for lapses in recruitment at the senior level.

Ravi Narain was the MD and CEO of the National Stock Exchange from April 1994 till March 2013, while Chitra Ramkrishna was the MD and CEO of the NSE from April 2013 to December 2016.

The market regulators observed that the NSE and its top executives violated securities contract norms relating to the appointment of Anand Subramaniam as group operating officer and advisor to the managing director.

( With inputs from ANI )

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