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NSE co-location case: Court sends Chitra Ramkrishna to 7-day CBI remand

NSE co-location case: Court sends Chitra Ramkrishna to 7-day CBI remand

Ramkirshna, earlier today, appeared in front of Delhi's Rouse Avenue Court physically where CBI had sought 14 day-remand to confront her with officials of NSE and SEBI.

A special CBI court had on earlier rejected ex-NSE boss Chitra Ramkirshna's anticipatory bail application. A special CBI court had on earlier rejected ex-NSE boss Chitra Ramkirshna's anticipatory bail application.

A special court on Monday gave the Central Bureau of Investigation (CBI) a seven-day remand of Chitra Ramkrishna, former MD and CEO of National Stock Exchange (NSE), in the co-location case.

Special Judge Sanjeev Aggarwal passed the order after hearing arguments from CBI and the counsel appearing for accused.

The court also ordered that her interrogation will be done under CCTV, adding that lawyers are supposed to meet her every evening. The court also said that Ramkrishna's medical examination will take place every 14 hours.

Chitra at Delhi's Rouse Avenue court today. Pic: Aneesha Mathur.

The development comes after Ramkrishna was arrested late yesterday night in connection with the NSE co-location case. 

Ramkrishna, earlier today, appeared in front of Delhi's Rouse Avenue Court physically where CBI sought 14 day-remand to confront her with officials of NSE and SEBI.

Earlier today, a special CBI court extended the custody Anand Subramanian, former Group Operating Officer (GOO) and advisor to Ramkrishna, till March 9. He was arrested by the CBI from Chennai.

The arrest was made in the case related to the co-location scam, the FIR for which was registered in May 2018, amid fresh revelations about irregularities at the country's largest stock exchange.

The CBI is probing the alleged improper dissemination of information from the computer servers of the market exchanges to the stock brokers.

In the co-location facility offered by NSE, brokers could place their servers within the stock exchange premises giving them faster access to the markets. It is alleged that some brokers in connivance with insiders abused the algorithm and the co-location facility to make windfall profits.

Earlier, capital markets regulator Sebi had penalised the NSE, Ramkrishna and Ravi Narain and two other officials for lapses in recruitment at the senior level. Ravi Narain was the MD and CEO of NSE from April 1994 till March 2013, while Ramkrishna was MD and CEO of the NSE from April 2013 to December 2016.

Sebi observed that the NSE and its top executives violated securities contract norms relating to the appointment of Subramanian as group operating officer and advisor to the managing director.

(With inputs from Aneesha Mathur)

Also read: Chitra Ramkrishna arrested by CBI in NSE co-location scam case

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Published on: Mar 07, 2022, 3:17 PM IST
Posted by: Aparna Banerjea, Mar 07, 2022, 3:15 PM IST