Ex-NSE chief executive Chitra Ramakrishna arrested by CBI
Chitra Ramkrishna, who is charged with leaking sensitive information to the co-accused and others, claimed that she was acting on the advice of a so-called Himalayan yogi. Investigators maintain the ‘yogi’she referred to, was former group operating officer Anand Subramanian.
NEW DELHI: The Central Bureau of Investigation (CBI) on Sunday evening arrested Chitra Ramkrishna, former chief executive officer of National Stock Exchange (NSE) in connection with its probe into the stock market manipulation, officials said. A senior officer said Ramakrishna was arrested from Delhi and will be interrogated at length about the irregularities in the NSE during her tenure.
Ramkrishna is charged with leaking sensitive information, claiming that she was acting on the advice of a so-called Himalayan yogi, who investigators maintain was none other than former group operating officer Anand Subramanian.
The development comes a day after a Delhi court refused to grant anticipatory bail to Chitra Ramkrishna, saying there were strong chances that she may influence the probe and tamper with the evidence. Additional sessions judge Sanjeev Aggarwal also pulled up CBI for its “lackadaisical” probe, saying that the agency hadn’t taken action against the main beneficiaries of the co-location scam, “”who seem to be enjoying merrily at the expense of common citizenry”.
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CBI arrested Subramanian on February 25 after expanding its probe into a co-location scam in the exchange that it registered in 2018, following “fresh facts” in a report by markets regulator Securities and Exchange Board of India (Sebi). The Sebi report referred to a mysterious yogi guiding actions of Ramkrishna. Some brokerages had been allegedly given preferential and unfair access to NSE’s trading system to detriment of others.
The CBI probe has indicated that Subramanian might be the mysterious ‘Yogi’ who was guiding actions of former CEO Chitra Ramkrishna.
In the co-location case registered by CBI in 2018, the central probe agency booked a Delhi-based stock broker for allegedly making gains by getting early access to the stock market trading system.
The agency was also probing unidentified officials of the Sebi and the NSE, Mumbai, and other unknown persons in the case.
“It was alleged that the owner and promoter of said private company abused the server architecture of NSE in conspiracy with unknown officials of NSE. It was also alleged that unknown officials of NSE, Mumbai had provided unfair access to said company using the co-location facility during the period 2010-2012 that enabled it to login first to the exchange server of Stock Exchange that helped to get the data before any other broker in the market,” the CBI had alleged in the FIR.
On February 11, Sebi charged Chitra Ramkrishna with alleged governance lapses in the appointment of Subramanian as the chief strategic advisor and his re-designation as group operating officer and advisor to MD. The regulator has imposed a fine of ₹3 crore on Ramkrishna, ₹2 crore each on NSE, Subramanian and Narain, and ₹6 lakh on V R Narasimhan, the chief regulatory and compliance officer.