NSE scandal: Special CBI court rejects Chitra Ramakrishna, Anand’s bail plea

NSE scandal: A special Central Bureau of Investigation (CBI) court on Thursday rejected the bail pleas of former National Stock Exchange MD and CEO Chitra Ramakrishna and former group operating officer Anand Subramaniam in connection with the NSE co-location scandal. The CBI has been investigating the case since May 2018.

Ramakrishna and Subramanian, both in judicial custody in Tihar Jail, have been charged under various sections of the IPC.

The co-location scandal shows how some brokers, in the co-location facility provided by the NSE, can place their servers on the stock exchange premises to gain quick access to their markets, abuse algorithms in collusion with insiders and take advantage of windfall. .

Recently, market regulator Ramakrishna was fined Rs 3 crore by SEBI for discovering that he “shared important NSE information with a mysterious Himalayan yogi including organizational structure, dividend scenario, financial results, human resource policy and related issues, regulator response”. “

Ramakrishna was appointed CEO and MD of NSE on April 1, 2013. He appointed Subramanian as his advisor on the NSE.

(With IANS input)

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