NSE Colo Scam: Special CBI Court Denies Bail to Chitra Ramkrishna, Anand Subramanian
A special CBI (central bureau of investigation) court here on Thursday refused to grant bail to 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 (Colo) case.
The special CBI judge of the Rouse Avenue court dismissed their bail applications after hearing the submissions.
Both Mr Ramkrishna and Mr Subramanian, currently lodged in Tihar Jail under judicial custody, have been charge-sheeted under various Sections of the Indian Penal Code (IPC).
The co-location 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 has been probing the case since May 2018.
Recently, the Securities and Exchange Board of India (SEBI) had imposed a fine of Rs3 crore on Ms 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 1 April 2013, Ms Ramkrishna became the CEO (chief executive officer) and MD (managing director) of NSE. She brought Mr Subramanian to the NSE as her adviser. 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 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 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 left 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.
1 week ago
They should be kept in some Himalayan Ashram
How Brokers Sidestep SEBI Rules To Rip-off Investors: Now Targeting Super Senior Citizens
Sucheta Dalal, 13 May 2022
The pandemic has been a flourishing time for the brokerage business. India’s investor population nearly doubled, as people from the age of 9 years to 90 years turned into traders after a quick online class. Brokers used this boom...
Hotel and Restaurant Federation asks SEBI to axe Oyo's IPO citing massive losses
IANS 12 May 2022
The Federation of Hotel and Restaurant Associations of India (FHRAI) on Wednesday urged the Securities and Exchange Board of India (SEBI) to call off online hospitality major Oyo's initial public offering (IPO), citing the massive...
Did RBI Ask Coinbase To Stop Its Services Through UPI?
Moneylife Digital Team 11 May 2022
NASDAQ-listed Coinbase’s chief executive officer (CEO) Brian Armstrong has revealed that its services in India had to be halted because “after launching, we ended up disabling unified payments interface (UPI) because of some...
SEBI Derecognises Indian Commodity Exchange
Moneylife Digital Team 11 May 2022
Market regulator Securities and Exchange Board of India (SEBI) has derecognised Indian Commodity Exchange Ltd saying the bourse does not have sufficient number of experienced staff and requisite financial capacity. Consequently,...
Free Helpline
Legal Credit