Mumbai: No relief for former National Stock Exchange (NSE) MD and CEO Chitra Ramakrishna by Delhi court. On Monday, The Delhi Court has extended the remand of former National Stock Exchange (NSE) MD and CEO Chitra Ramakrishna for 4 days. She has been detained on charges of money laundering, including phone tapping and snooping of stock exchange employees. Let us tell you that Chitra Ramakrishnan Kodi, former MD of NSE, was arrested on Thursday. She would now be produced in court on July 22.
Sunaina Sharma, Special Judge passed the order on a plea by Enforcement Directorate (ED) after she was produced before the court on the expiry of her earlier ED custody. In its application moved by Special Public Prosecutor N K Matta, the agency sought 5-day more custody of the accused, saying she further needed to be quizzed. Let us tell you that the court had given the green signal for the investigation in the case, after which the ED arrested the former MD. Earlier, the ED had got Ramakrishna’s remand for 4 days on behalf of the court. The ED on Thursday also registered a money laundering case against Chitra Ramakrishnan for illegally tapping the phones of NSE employees.
Along with this, a case was also registered against Ravi Narayan. ED’s ECIR in this case is based on the FIR registered by CBI. Apart from Ramakrishna and Narayan, the CBI is also investigating Isec Services and former Mumbai Police Commissioner Sanjay Pandey. The ED had filed the case under criminal sections of the Prevention of Money Laundering Act (PMLA) against ex-Mumbai Police Commissioner Sanjay Pandey, Ramkrishna and Ravi Narain.
A week ago, the Central Bureau of Investigation (CBI) had registered a fresh case against former heads of National stock exchange of India (NSE) and ex-Mumbai police commissioner in connection with illegal phone tapping of the officials of NSE. The case had been registered against Chitra Ramkrishna, Ravi Narain and former Mumbai police commissioner Sanjay Pandey. In April, the Central Bureau of Investigation (CBI) had filed its first chargesheet in the matter against Chitra Ramkrishna, the ex-CEO of NSE and Anand Subramanian, the ex-Group Operating Officer of the NSE.
Chitra Ramakrishna’s Journey
Apart from this, let us tell you that the then CEO of India’s top stock market NSE, Chitra Ramakrishna told PTI eight years ago that technology is a lion on which everyone is riding. At that time she herself was riding the lion at the top position of the National Stock Exchange.
NSE had overtaken the 100 year old BSE (Bombay Stock Exchange) as the largest stock exchange in India within a year of its launch in 1994. A technical snag in NSE’s sophisticated algorithmic based superfast trading allowed Ramakrishna to rise to the top spot on the NSE. In the male dominated world of stock trading. Due to this technical fault on the morning of 5 October 2012 on the NSE, about 10 lakh crore rupees of investors were wiped out.
Got the command of NSE in 2013
NSE CEO Ravi Narayan had to step down and a few months later on 13 April 2013, the command of NSE was formally handed over to Chitra Ramakrishna. Today, 59-year-old Ramakrishna is at the center of a bizarre scam when a SEBI investigation revealed that he was being directed by a mysterious Himalayan yogi to make key business decisions of the exchange.