NSE Co-Location case: CBI court sends Chitra Ramkrishna to 7-day remand

A Special CBI court of Delhi on Monday sent former managing director and chief executive officer of National Stock Exchange (NSE) Chitra Ramkrishna to seven-day CBI remand in connection with the NSE co-location case.

The Special CBI Judge Sanjeev Aggarwal after hearing the submissions decided to sent Chitra Ramkrishna for CBI remand till March 14.

CBI in its remand application sought a 14-day remand and stated that Chitra Ramakrishna continues to provide evasive answers and misguide the Investigation Officer.

CBI counsel submitted that the custodial interrogation of accused Chitra Ramakrishna is needed to unearth the criminal conspiracy and the role of other NSE officials and brokers in the company. She is also required to be confronted with co-accused Anand Subramanian, who is already in police custody of CBI, to understand the magnitude and scope of the criminal conspiracy.

CBI while seeking remand further stated that she is also required to be confronted with digital evidence available on record.

Ramakrishna continues to be vague and had only eluded from answering the Investigation officer by denying that she had shared any confidential data with anyone.

Senior Advocate Trideep Pais, appearing for Chitra Ramakrishna, had opposed the demand application and said, it was her because of whom the co-location scam was stopped. She has an 85-year-old mother, she has a young daughter. Her liberty would be curtailed. CBI didn't arrest the main accused. Ajay Shah was in the CBI office yesterday. The one who made the Chanakya software argued Chitra's lawyer.

Today the same CBI court has extended the remand of Anand Subramanian, former Group Operating Officer and advisor to former MD of National Stock Exchange Chitra Ramkrishna, arrested by CBI from Chennai in connection with the NSE case.

CBI investigation stated that group operating Officer Anand Subramanian's appointment was influenced by NSE chairman and MD Chitra Ramakrishnan.

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

Ravi Narain was the MD and CEO of the National Stock Exchange 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 Subramaniam as group operating officer and advisor to the managing director.

( With inputs from ANI )