NSE co-location case: CBI opposes bail plea of Chitra Ramkrishna, says gravity of offence is severe
Apr 08, 2022
New Delhi [India], April 8 : The Central Bureau of Investigation (CBI) on Friday opposed the bail petition of former managing director and chief executive officer of the National Stock Exchange (NSE) Chitra Ramkrishna in connection with the NSE co-location case and said the nature and gravity of the offence is quite severe having far-reaching repercussions on financial stability.
The CBI in its reply in court stated that the applicant Chitra Ramkrishna is highly influential and 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.
It also stated that the examination of other witnesses is underway to unearth the conspiracy related to co-location setup and the role played by Chitra Ramkrishna therein. She was looking into the day-to-day affairs and the entire co-location setup that was implemented during her tenure at NSE. There are apprehensions that she may sway the witnesses if enlarged on bail.
The reply also stated that the case pertains to 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 probe agency on Friday filed its reply in the special court in the matter. CBI Judge Sanjeev Aggarwal on the last date of hearing had sought a response from the investigation agency within two weeks in the bail petition.
The matter on Friday was deferred for April 21, after concerned lawyers sought time for arguments.
In the National Stock Exchange co-location case, the CBI stated that the investigation has alleged that in pursuance of criminal conspiracy, the accused Chitra Ramkrishna, 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 stockbrokers.
Earlier the Securities and Exchange Board of India (SEBI) penalized the National Stock Exchange (NSE) and its former CEOs Chitra 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 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.
