[NSE Co-location case] CBI court defers bail application of Ramkrishna and Subramanian for May 12

Delhi’s Special CBI court deferred passing the order on the bail petition of Chitra Ramkrishna and Arvind Subramanian in connection with the National Stock Exchange (NSE) co-location case for May 12, ANI reports.

A bench of Special CBI Judge Sanjeev Aggarwal on April 28, had kept the order reserved and stated that arguments were heard in length on bail application under Section 439 CrPC moved on behalf of accused Chitra Ramkrishna. Further arguments were also heard at length on the bail application of Anand Subramanian filed under Section 437/439 CrPC moved on behalf of the accused.

Recently, the CBI arrested Chitra Ramkrishna a former managing director and chief executive officer of the NSE, and Anand Subramanian as Group Operating Officer and Advisor to MD in connection with the NSE co-location case.

CBI court in its reply had stated that the applicant Chitra Ramkrishna is highly influential and may temper with the documentary/digital evidence and manipulate the witnesses if released on bail.

The petitioner was a high-ranking official in NSE during the relevant period. Incriminating evidence has already come to the fore against her. The consequences of granting bail will adversely affect the investigation, stated the bench.

CBI in reply also stated that the examination of other witnesses is underway to unearth the conspiracy related to the Co-location set-up and the role played by the applicant Chitra Ramkrishna therein. She was looking into the day-to-day affairs and the entire co-location setup that was implemented during her tenure at NSE. There are apprehensions that she may sway the witness if enlarged on bail.

The case pertains to the allegations against senior officials of the NSE where undue gains have been made by trading members by abusing the co-location facility. Investigation into the role and responsibility of top officials in facilitating unfair access to the co-location setup is underway.

In the NSE Co-location case, the CBI said that the investigation states that accused Chitra Ramkrishna, by misusing her official position, re-designated the post of accused Anand Subramanian as Group Operating Officer and Advisor to MD from April 1, 2015, without bringing the same to the notice of NRC and the board.

CBI is probing the alleged improper dissemination of information from the computer servers of the market exchanges to the stockbrokers.

Earlier, the Securities and Exchange Board of India (SEBI) had penalized the NSE and its former CEOs Chitra Ramkrishna and Ravi Narayan, and two officials for lapses in recruitment at the senior level.

Ravi Narain was the MD and CEO of the NSE from April 1994 till March 2013, while Chitra Ramkrishna was the MD and CEO of the NSE from April 2013 to December 2016.

The Market regulators observed that the NSE and its top executives violated securities contract norms relating to the appointment of Anand Subramanian as Group Operating Officer and Advisor to MD.