The CBI was represented by Additional Legal Advisor V K Sharma and Senior Public Prosecutor V K Pathak, while senior advocate Trideep Pais represented the accused.
Digital Desk: In connection with the co-location scandal, Delhi court on Monday sent the former managing director (MD) and CEO of the National Stock Exchange (NSE) Chitra Ramkrishna to 14 days of judicial custody.
Special Judge Sanjeev Aggarwal ordered that Ramakrishna be physically produced before the court on March 28.
After the accused’s seven-day detention period expired, the CBI brought her before the court and sought to remand her to judicial custody.
Previously, the court had ordered Chitra Ramkrishna to be held in CBI custody for seven days, stating that her interrogation in custody was necessary for fair and proper investigations.
The CBI arrested the accused on March 6, a day after the court denied her anticipatory bail appeal. According to the CBI, the electronic devices recovered are being analyzed and will be used in further investigation of Ramakrishna.
The CBI was represented by Additional Legal Advisor V K Sharma and Senior Public Prosecutor V K Pathak, while senior advocate Trideep Pais represented the accused.
On April 1, 2013, Ramkrishna was appointed as the NSE’s MD and CEO.
The arrest was made in connection with the co-location scam, for which an FIR was filed in May 2018, when discoveries regarding irregularities at the country’s major stock market surfaced.
The CBI is looking into the alleged inappropriate transmission of information from market exchange computer servers to stockbrokers.
Brokers might use the NSE’s co-location facility to house their servers on the stock exchange’s facilities, allowing them faster access to the markets. Some brokers are accused of abusing the algorithm and the co-location facility to achieve windfall profits in collusion with insiders.
Sebi, the capital markets regulator, had already sanctioned the NSE, Ramkrishna and Ravi Narayan, and two other executives for failures in senior-level recruitment. Ravi Narain served as the NSE’s MD and CEO from April 1994 to March 2013, and Chitra Ramkrishna served as the NSE’s MD and CEO from April 2013 to December 2016.
The NSE and its senior officials broke securities contract rules when they appointed Anand Subramanian as group operating officer and advisor to the managing director, according to the Sebi.
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