The CBI has also alleged that the NSE and its top executives have violated securities contract standards
New Delhi:
A Delhi court named Nobel laureate Bob Dylan and Frankenstein’s monster while denying former National Stock Exchange (NSE) director and chief executive officer Chitra Ramkrishna and group operating officer (GOO) Anand Subramanian bail in the NSE co-location matter .
In the injunction, the court also said that the financial world, including the FIIs (Foreign Institutional Investors), is waiting with bated breath for NSE to buy itself back, “so they can fly to this country en masse for investment, which is today a brilliant destination for investments”.
Special Judge Sanjeev Aggarwal made the reference in an injunction passed and reported on May 12, a detailed 42-page copy of which was uploaded to the court’s website on Monday.
“It seems at first glance that accused A-1 (Ramakrishna) seems to run NSE’s affairs like that of a private club; singer-writer, Nobel laureate Bob Dylan once said ‘money doesn’t talk, it swears’, what a song is from the 1964 song album ‘It’s Alright Ma I’m Only Bleeding’ means money not only influences but also has a great influence, even a perverse influence on people,” the judge noted.
The court said that the current scam could also affect the investment scenario in the country, namely FIIs, who are always looking for a fair, transparent and clean exchange to trade with.
The current case has shaken the financial consciousness of any investor, whether retail, institutional or otherwise, who must be reinstated to restore public confidence in it, the order said.
“With regard to the affairs of NSE at the relevant time, it would not be misguided to note here that there comes a time in the life of an institution where it is at a crossroads, it should take a path that right path to restore its glory, rather than burying the skeletons, which can later turn into Frankenstein monsters,” the judge said.
Therefore, given the seriousness and gravity, magnitude and scope of the charges against both defendants discussed above, there is no basis for their bail at this stage, the judge said.
The court reserved the order after hearing arguments from the accused’s lawyer, Arshdeep Singh, and the prosecution.
The suspects were arrested in the co-location scam case, for which the FIR was registered in May 2018, amid new revelations about irregularities at the country’s largest stock exchange.
The CBI is investigating the alleged inappropriate dissemination of information from the computer servers of the market exchanges to the stock brokers.
Earlier, the Securities and Exchange Board of India (SEBI) sanctioned the National Stock Exchange (NSE) and its former CEOs Chitra Ramakrishna and Ravi Narayan and two other officials for missing out on high-level recruiting.
Ravi Narain was the MD and CEO of the National Stock Exchange from April 1994 to March 2013, while Chitra Ramkrishna was the MD and CEO of the NSE from April 2013 to December 2016.
The CBI has also alleged that the NSE and its top executives violated securities contract standards in relation to the appointment of Anand Subramaniam as the group’s operations director and adviser to the general manager.
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