Tuesday, December 6, 2022

Delhi High Court grants bail to ex-CEO NSE Chitra Ramkrishna, ex-GOO NSE Anand Subramanian in NSE co-location scam

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The Delhi High Court granted statutory bail on Wednesday to former Chief Executive Officer of National Stock Exchange, Chitra Ramkrishna and former Group Operating Officer of NSE, Anand Subramanian in connection with the NSE co-location scam, which is being investigated by the Central Bureau of Investigation.

However, the Single-Judge Bench of Justice Sudhir Kumar Jain clarified that the bail was not granted on merits under Section 439 of the Code of Criminal Procedure (CrPC).

The High Court then directed the CBI to read the 110-page order. It stated that if the national agency agreed with the proposition of law, it would help them in future.

Chitra had challenged the order of a Special CBI court, which had denied her bail in May this year.

Chitra had challenged the order of a special CBI court, which denied her bail earlier in May, 2022.

On February 11, the Securities and Exchange Board of India (SEBI) had found Ramakrishna’s alleged involvement in financial misdeeds relating to fixation and frequent revision of compensation of another former NSE employee Anand Subramanian, in a disproportionate manner. 

She was alleged to have done this in cahoots with someone she claimed as ‘Siddha Purusha’.

As per CBI, Subramanian, while performing public duty to protect the interest of common investors, indulged in criminal conspiracy with other co-accused and caused huge advantage to various trading members/brokers, committing a serious economic offence.

Ramkrishna was alleged to be in touch through e-mails with a Himalayan Yogi, who the CBI later claimed to be none other than Subramanian.

Ramakrishna was represented by Senior Advocate N Hariharan, while Senior Advocate Vikas Pahwa appeared for Subramanian.

Case title: CBI vs Sanjay Gupta and Ors

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