NSE phone tapping case: Delhi court reserves order on Chitra Ramkrishna's bail plea

The order on the bail application of Ramkrishna, who was arrested on July 14 by the Enforcement Directorate (ED), was reserved by the Rouse Avenue court.

IANSUpdated: Thursday, August 25, 2022, 07:58 PM IST
article-image
National Stock Exchange's (NSE) former CEO and MD Chitra Ramkrishna | Photo: PTI

A Delhi court on Thursday reserved its order on the bail plea of National Stock Exchange's (NSE) former CEO and MD Chitra Ramkrishna, who was arrested in connection with a money laundering case in connection with the co-location scam that also involved phone tapping of NSEs employees between 2009 and 2017.

The order on the bail application of Ramkrishna, who was arrested on July 14 by the Enforcement Directorate (ED), was reserved by the Rouse Avenue court.

During the previous hearing on Monday before Special judge Sunena Sharma, the ED counsel sought adjournment for addressing arguments on the ground that Special Public Prosecutor Zoaib Hussain who will address arguments on the bail application is not available as he is busy in Delhi High Court.

The court had heard the arguments on the bail application of Ramkrishna from senior advocate, Rebecca M. John, assisted by advocates Shivam Batra and Rony Oommen John.

The co-location scam denotes how some of the brokers, who in the co-location facility offered by the NSE, could place their servers within the stock exchange premises giving them faster access to the markets, had, in connivance with insiders, abused the algorithm and the facility to make windfall profits.

The CBI has been probing the case since May 2018. Recently, market regulator SEBI had imposed a fine of Rs 3 crore on Ramkrishna, following the market regulator finding that she allegedly shared vital inputs about the NSE with a mysterious Himalayan yogi, including information on "organisational structure, dividend scenario, financial results, human resource policies and related issues, response to regulator".

On April 1, 2013, Ramkrishna became the CEO and MD of NSE. She brought Arvind Subramanian to the NSE as her advisor. Subramanian was made the Chief Strategic Advisor of NSE. He served in this post between 2013 and 2015 before being made Group Operations Officer and Advisor to the MD between 2015 and 2016, despite having no exposure to the capital market. Subramanian quit the NSE in October 2016 and Ramkrishna left in December 2016.

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

IIT Delhi makes experts panel, to change curriculum after more than 10 years

IIT Delhi makes experts panel, to change curriculum after more than 10 years

Delhi University's School of Open Learning starts UG, PG, admissions

Delhi University's School of Open Learning starts UG, PG, admissions

Delhi govt schools implement new pattern of celebrating students' birthdays as part of Happiness...

Delhi govt schools implement new pattern of celebrating students' birthdays as part of Happiness...

Cambridge University invites Delhi government school principals for 'leadership training'

Cambridge University invites Delhi government school principals for 'leadership training'

Delhi: IITs, other institutions accept 30% free coaching scheme beneficiaries, says Social Welfare...

Delhi: IITs, other institutions accept 30% free coaching scheme beneficiaries, says Social Welfare...