Former Chief Executive officer of National Stock Exchange (NSE) Chitra Ramkrishna was on Thursday granted bail by the Delhi High Court in a money laundering case registered against her by the Enforcement Directorate (ED) in connection with the NSE co-location scam.
The bail was granted to the former CEO NSE by Justice Jasmeet Singh, who had reserved orders in the matter on November 15.
The matter started when Ramkrishna was found involved in financial misdeed, which came fore from the February 11 order of the Securities and Exchange Board of India (SEBI) which found so.
The former NSE CEO was allegedly involved in financial misdeeds relating to fixation and frequent revision of compensation of another former NSE employee Anand Subramanian in a disproportionate manner.
She had said she did this on suggestion of some ‘Siddha Purush,’ who the agencies said, was none but Anand Subramanian.
As per the reports, Anand whose work comprised of taking care of interest of investors, indulged in criminal conspiracy with other co-accused, which turned out advantageous to various trading members/brokers and thus, committed a serious economic offence.
Ramkrishna was in touch through e-mails with the Himalayan Yogi who the Central Bureau of Investigation (CBI) later claimed to be none other than Subramanian.
The CEO Ramkrishna throughout the time has argued that she had no connection with brokers, and as per the investigation none of them had been arrested.
Advocate Rebecca John who advocated for Ramkrishna stated that the allegations against the applicant are not under the category of do not fall within the framework of the scheduled offences, and hence, the rigors of the Prevention of Money Laundering Act (PMLA) will not be applicable.
She had also said that the petitioner, being a woman, falls within the proviso to Section 45(1) of the PMLA.