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Delhi court sends ex-MD of NSE Chitra Ramakrishna to 7-days of CBI custody

By Saima Siddiqui 
Updated Date

New Delhi: A Delhi court on Monday granted the Central Bureau of Investigation (CBI) seven-day custodial interrogation of former managing director and chief executive officer of National Stock Exchange (NSE) Chitra Ramkrishna in co-location scam case.

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The CBI produced the former managing director and chief executive officer of NSE before a special court and had sought 14-day custodial interrogation in the case.

Special Judge Sanjeev Aggarwal passed the order after hearing arguments from CBI and the counsel appearing for accused.

The probe agency produced the accused before court and sought her 14-day custodial interrogation.

The former chief executive of the National Stock Exchange was detained by the CBI in Delhi late Sunday.

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The CBI arrested Ramkrishna after her anticipatory bail application was dismissed by the court on Saturday.

The CBI had recently questioned Ramkrishna in the matter. The Income Tax (I-T) Department earlier raided various premises linked to Ramkrishna in Mumbai and Chennai.

The CBI court had recently sent Anand Subramanian, former Group Operating Officer and advisor to Ramkrishna, to CBI custody. He was arrested by the CBI from Chennai.

The arrest was made in the case related to the co-location scam, the FIR for which was registered 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 the stock brokers.

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In the co-location facility offered by NSE, brokers could place their servers within the stock exchange premises giving them faster access to the markets. It is alleged that some brokers in connivance with insiders abused the algorithm and the co-location facility to make windfall profits.

Earlier, capital markets regulator Sebi penalized the NSE, Ramkrishna 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 MD and CEO of the NSE from April 2013 to December 2016.

Sebi observed that the NSE and its top executives violated securities contract norms relating to the appointment of Subramanian as group operating officer and advisor to the managing director.

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