A Delhi Special Central Bureau of Investigation (CBI) court on Saturday refused to grant anticipatory bail to former director and chief executive officer of National Stock Exchange (NSE) Chitra Ramkrishna in connection with the NSE co-location case.
CBI Special Judge Sanjeev Aggarwal, after hearing both sides in detail and studying the entire material, decided not to preempt bail by Chitra Ramkrishna.
The same court had also previously stated, while retaining the injunction, that there is no good basis at this stage for ad interim protection against arrest in favor of the applicant/defendant.
The CBI had recently questioned Chitra Ramkrishna about this. The Income Tax (IT) department has previously raided several premises related to Ramkrishna in Mumbai and Chennai.
Ramkrishna was also on the radar of the market regulator Securities and Exchange Board of India (SEBI).
Recently, the CBI court dismissed Anand Subramanian, former Group Operating Officer and advisor to former National Stock Exchange MD Chitra Ramkrishna, who had been arrested by CBI from Chennai in connection with the NSE case.
The CBI investigation stated that the appointment of group operator Anand Subramanian was influenced by NSE chairman and MD Chitra Ramakrishnan.
The CBI is investigating the alleged inappropriate dissemination of information from the computer servers of the market exchanges to the stock brokers.
Previously, 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 higher-level recruiting.
Ravi Narain was the MD and CEO of the National Stock Exchange from April 1994 to March 2013, while Chitra Ramkrishna was MD and CEO of the NSE from April 2013 to December 2016.
The market regulators noted that the NSE and its top executives violated securities contract standards related to the appointment of Anand Subramaniam as the group’s chief operating officer and adviser to the general manager.