NSE case: Court rejects bail pleas of Chitra, Subramanian
NEW DELHI: A Delhi court on Thursday dismissed the bail applications of the National Stock Exchange’s (NSE) former boss Chitra Ramkrishna and group operating officer Anand Subramanian in the co-location case.
Denying the relief, Special Judge Sanjeev Aggarwal said there was not enough ground to grant bail to the two. The court reserved its order after hearing arguments from Arshdeep Singh, advocate of the accused, and the prosecution.
Earlier, the Central Bureau of Investigation ( CBI) had opposed their bail applications saying that they could influence the witnesses and tamper with the evidence. The CBI said the nature and gravity of the offence was “quite severe and had far-reaching repercussions on financial stability”.
An FIR in this case 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 stock brokers.
Earlier, the Securities and Exchange Board of India (Sebi) had penalised NSE, Ramakrishna, Ravi Narain, and two other officials for lapses in recruitment at the senior level.
Narain was NSE’s managing director (MD) and chief executive officer (CEO) from April 1994 to March 2013, while Ramkrishna was the MD and CEO from April 2013 to December 2016.
The CBI also alleged that the NSE and its top executives violated securities contract norms relating to the appointment of Subramaniam as the group operating officer and advisor to the managing director.