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Delhi Court dismisses bail pleas of Chitra Ramakrishna, Arvind Subramanian in NSE co-location case

New Delhi: A Special Court of Delhi on Thursday dismissed the bail petitions of Chitra Ramkrishna, former managing director (MD) and chief executive officer (CEO) of the National Stock Exchange (NSE) and Anand Subramanian, former Group Operating Officer and Advisor to MD.

The Special CBI Judge Sanjeev Aggarwal refused to grant bail to Chitra Ramakrishna and Arvind Subramanian in the matter. This was the first bail petition of Chitra Ramakrishna and the second bail petition of Arvind Subramanian in the trial Court.

The same court had recently, kept the order reserved and said that arguments were heard at length on bail application under section 439 Code of Criminal Procedure (CrPC) moved on behalf of accused Chitra Ramkrishna and concluded. Further arguments were also heard at length on the second bail application of Arvind Subramanian filed under section 437/439 CrPC moved on behalf of the accused and concluded.

The CBI in March had arrested Chitra Ramkrishna and Anand Subramanian in February in connection with the NSE co-location case.
The CBI while opposing the bail petition of Ramkrishna, stated that she 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.

The CBI in its reply also stated that the examination of other witnesses is underway to unearth the conspiracy related to the co-location set-up and the role played by the applicant 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 the 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.

In the National Stock Exchange co-location case, the CBI said that the investigation states that 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) penalized the National Stock Exchange 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. (ANI)

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