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Delhi High Court issues notice to CBI on bail plea of ex-NSE MD Chitra Ramkrishna in NSE co-location case

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The Delhi High Court sought response from the Central Bureau of Investigation (CBI) on the bail plea filed by former Managing Director (MD) of National Stock Exchange (NSE) Chitra Ramkrishna, in connection with the NSE co-location scam case.

The Single-Judge Bench of Justice Sudhir Kumar Jain issued notice to CBI and fixed the matter for further hearing on May 31.

The former NSE MD had moved the High Court, challenging the order of a special CBI court that refused to grant her bail earlier this month.

On February 11, the Securities and Exchange Board of India (SEBI) accused Ramkrishna of frequently revising the designation and compensation of another former NSE employee Anand Subramanian.

As per SEBI, Chitra was allegedly involved in financial misdeeds relating to fixation and frequent revision of compensation of another former NSE employee Anand Subramanian’s in a disproportionate manner.

She allegedly did this in collusion with someone who she called a ‘Siddha Purusha’.

The former NSE MD claimed that being the Managing Director, she had the bandwidth to determine the salary of any consultant and such emoluments were within such bandwidth on the basis of the experience Subramanian brought to the table.

Besides, CBI accused Ramkrishna of being in touch through e-mails with the Himalayan Yogi, who later truned out to be none other than Subramanian.

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

Chitra contended before the lower court that she had no connection with brokers and as per the probe, none of them had been arrested.

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