Chitra Ramkrishna, Former Chief of NSE Remanded to 7-day CBI Custody by Special Court
Moneylife Digital Team 07 March 2022
A special court in Delhi has sent Chitra Ramkrishna, former managing director (MD) and chief executive officer (CEO) of National Stock Exchange (NSE) to 7-day day central bureau of investigation (CBI) remand. As reported earlier, the CBI had also arrested Chitra Ramkrishna the former MD and CEO of NSE on Sunday night in connection with the NSE co-location (Colo) scam after her anticipatory bail application was dismissed by the court on Saturday.
Special judge Sanjeev Aggarwal of the Rouse Avenue court passed the order on Monday after hearing arguments from the central agency and the counsel appearing for the accused. The probing agency had sought her 14-day custodial interrogation.
At the same time, the special CBI court on Monday extended the custody of co-accused former group operating officer (GOO) of NSE, Anand Subramanian in the NSE scam case till 9th March.
Mr Subramanian was produced before Special CBI Judge Sanjeev Aggarwal by CBI. The prosecution sought more custody of the accused, which was allowed by the court till 9th March. Mr Subramanian was arrested on the night of 24th February. He was later sent to CBI's custody.
Both arrests were made in the case related to the NSE Colo scam for which the FIR (first information report) was registered in May 2018, amid fresh revelations about irregularities and severe lapses at the country's largest stock exchange.
CBI had recently questioned Ms Ramkrishna in the matter. The income tax (I-T) department earlier raided various premises linked to Ms Ramkrishna in Mumbai and Chennai.
CBI is probing the alleged inappropriate dissemination of information from the computer servers of the bourses to the stockbrokers. In the Colo facility offered by NSE, brokers could place their servers within the Exchange premises providing them faster access to the markets. It is alleged that some brokers in connivance with insiders manipulated the algorithm and the Colo facility to make windfall gains.
In its 11th February order, the Securities and Exchange Board of India (SEBI) had imposed a fine of Rs3 crore on Ms Ramkrishna after finding that she shared vital inputs about NSE with someone she dubbed as a ‘Himalayan Yogi’.
"Information regarding organisational structure, dividend scenario, financial results, human resource policies and related issues, response to regulator, etc., were shared by her with the yogi," said the source. Between 2014 and 2016, she sent emails at [email protected]
The market regulator SEBI had penalised  NSE, Ms Ramkrishna and Ravi Narain and two other officials for lapses in hiring at the senior level. Ravi Narain was the MD and CEO of the NSE from April 1994 till March 2013, while Chitra Ramkrishna was MD and CEO of NSE from April 2013 to December 2016. On 1 April 2013, Ramkrishna became the CEO and MD of NSE. She brought Anand Subramanian to NSE as her adviser in 2013.
Mr Subramanian was made the Chief Strategic Advisor of NSE. He served at this post between 2013 and 2015 before being made GOO and Advisor to the MD between 2015 and 2016, despite having no exposure to the capital market.
Previously working as a mid-level manager in Balmer Lawrie & Co, his salary saw an unexplained increase from Rs15 lakh to Rs1.68 crore annually, in 2013 and then to Rs4.21 crore in 2016. Mr Subramanian quit NSE in October 2016 and Mr Ramkrishna left in December 2016 citing personal reasons.
4 months ago
case pertains to Gandhi and PC golden era.. when every .when 90 pages State demands were accepted as price for supporting greedy Govt .... Chitra is not in Custody but all NSA of Golden era would be gues t of honor with agency
4 months ago
she should be lodges in Himalayan State guest house in Ladhak or Arunachal pradesh
4 months ago
While petty thieves who have committed smaller crimes are treated with third degree measures white collar affluent and rich criminals are treated with kid gloves. Apparently the saying that everyone is equal before the law does not hold good.
Replied to raaajan03 comment 4 months ago
5 star felons have entire ward to themselves with A/C reading room Gym meditation romm . and retinue of servants ( may be 11 )
4 months ago
What about the Board which had Industry Luminaries , Babus & even a retired MiLord ??
Sudhir Mankodi
4 months ago
The fact that she could operate in such manner speaks volumes about the poor governance level of the company where she was working (NSE) and it\'s regulators (SEBI). Immediate justice be delivered by punishing such high ranking officials who acted with impunity flouting all norms and against the interest of all stake holders.
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