Chitra Ramkrishna moves bail plea in Delhi HC in NSE co-location case, judge recuses

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NEW DELHI: Chitra Ramkrishna, former managing director (MD) and chief executive officer (CEO) of the National Stock Exchange (NSE), has moved Delhi High Court seeking bail in the co-location case. The bench of Justice Talwant Singh on Wednesday recused from hearing the matter.

Chitra Ramkrishna has approached the Delhi High Court challenging the trial court order denying her bail in the matter.

On May 12, trial court judge Sanjeev Aggarwal had refused to grant bail to Chitra and said that considering the gravity as well as the seriousness, enormity and magnitude of the allegations against the accused persons, no ground for their bail is made out at this stage.

The trial court also said that “it appears that accused Chitra Ramkrishna, prima facie, seems to have been running the affairs of NSE akin to that of a private club.

“The financial world, including FIIs, are waiting with bated breath for NSE to redeem itself, so that they can fly to this country for investment in droves, which is at present, a brilliant destination for investment. With regard to affairs of NSE at the relevant time, it would not be out of place to observe herein that there comes a time in a lifetime of an institution, where it finds itself at the crossroads. Then it should take a path which is right to restore its glory, rather than burying the skeletons, which may later turn into Frankenstein’s monsters, said the trial court judge.

The CBI, in March, had arrested Chitra Ramkrishna, former MD and CEO of NSE. Anand Subramanian, Group Operating Officer and Advisor to MD, was arrested in February in connection with the NSE co-location case.

The 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) has penalized the NSE and its former CEOs Chitra Ramakrishna and Ravi Narayan, and two other officials for lapses in recruitment at the senior level. The market regulators observed that the NSE and its top executives violated securities contract norms relating to the appointment of Anand Subramaniam as group operating officer and advisor to the managing director. (ANI)

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