NSE Colo Scam: Court Defers Order on Bail Pleas of Chitra Ramkrishna, Anand Subramanian
A special CBI (central bureau of investigation) court here on Monday deferred the verdict on the bail applications of former NSE  (National Stock Exchange) head Chitra Ramkrishna and former employee Anand Subramanian, who were arrested by the probe agency in connection with the NSE co-location case.
 
The special CBI judge of the Rouse Avenue court deferred the order for 12th May.
 
Both Ms Ramkrishna and Mr Subramanian, currently lodged in Tihar Jail under judicial custody, have been charge-sheeted under various Sections of the IPC (Indian Penal Code).
 
The co-location (Colo) scam denotes how some of the brokers, who in the co-location facility offered by the NSE, could place their servers within the stock exchange premises giving them faster access to the markets, had in connivance with insiders abused the algorithm and the facility to make windfall profits.
 
The CBI is probing the matter since May 2018.
 
Recently, the Securities and Exchange Board of India (SEBI) had imposed a fine of Rs 3 crore on Ramkrishna, following the market regulator finding that she allegedly shared vital inputs about the NSE with a mysterious Himalayan yogi, including information on "organisational structure, dividend scenario, financial results, human resource policies and related issues, response to regulator".
 
On April 1, 2013, Ms Ramkrishna became the CEO and MD of NSE. She brought Mr Subramanian to the NSE as her advisor.
 
Mr Subramanian was made the chief strategic advisor of NSE. He served at this post between 2013 and 2015 before being made group operations officer (GOO) and Adviser to the MD between 2015 and 2016, despite having no exposure to the capital market.
 
Previously working as a mid-level manager in Balmer and Lawrie, he had seen his salary increase from Rs15 lakh to Rs1.68 crore annually, and then to Rs4.21 crore.
 
Mr Subramanian quit NSE in October 2016 and Ms Ramkrishna in December 2016.
 
The CBI swung into action in the case in 2018 and has been probing the matter since then.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Comments
Shamefully Slow Resolution of Financial Scams Damages India’s Wannabe Image as a Superpower. Can It Change Now?
Sucheta Dalal, 07 May 2022
On 30th April, the chief justice of India (CJI), NV Ramana, mentioned in a speech that India has 40mn (million) cases pending in lower courts and that the government was the biggest litigant accounting for 50% of these cases. At...
Axis MF Trustees and Directors of the AMC Need To Come Clean on Rumours about Massive Malpractices
Moneylife Digital Team 07 May 2022
Update: 6 May 2022 15.50 hrs to include a response from Axis MF
 
Axis Mutual Fund (MF) has removed its head trader Viresh Joshi as fund manager from five schemes. Similarly, Deepak Agarwal, the assistant fund manager for...
Elon Musk's $44 bn Twitter deal faces 1st legal hurdle in US
IANS 07 May 2022
The Orlando Police Pension Fund has sued Elon Musk and his $44 billion buyout of Twitter, claiming that the deal cannot close till 2025 owing to Tesla CEO's stake in the micro-blogging platform.
 
The proposed class-action...
RBI Hikes Repo Rate by 40bps to 4.40% on Higher Food Inflation
Moneylife Digital Team 04 May 2022
In a surprise move, the monetary policy committee (MPC) of the Reserve Bank of India (RBI) has unanimously decided to increase the repo rate by 40 basis points (bps) to 4.40% with immediate effect. Consequently, the standing deposit...
Free Helpline
Legal Credit
Feedback