CBI produces ex-MD of NSE Ramkrishna before court, seeks 14-day custody

The CBI Monday produced former managing director and chief executive officer of National Stock Exchange (NSE) Chitra Ramkrishna before a Delhi court in connection with the NSE co-location case.

The probe agency produced the accused before special Special Judge Sanjeev Aggarwal and sought 14-day custodial interrogation in the case. The CBI arrested the accused on Sunday after her anticipatory bail application was dismissed by the court on Saturday.

The CBI had recently questioned Ramkrishna in the matter. The Income Tax (I-T) Department earlier raided various premises linked to Ramkrishna in Mumbai and Chennai. Ramkrishna has been on the radar of the Securities and Exchange Board of India (SEBI).

The CBI court had recently sent Anand Subramanian, former Group Operating Officer and advisor to Ramkrishna, to CBI custody. He was arrested by the CBI from Chennai. The arrest was made in the case related to the co-location scam, the FIR for which 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 the stock brokers.

Earlier, SEBI penalized the NSE, Ramkrishna and Ravi Narayan and two other officials for lapses in recruitment at the senior level. Ravi Narain was the MD and CEO of the National Stock Exchange from April 1994 till March 2013, while Chitra Ramkrishna was MD and CEO of the NSE from April 2013 to December 2016.

Sebi observed that the NSE and its top executives violated securities contract norms relating to the appointment of Subramanian as group operating officer and advisor to the managing director. 

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