CBI arrests former NSE CEO Chitra Ramkrishna in co-location scam case

Ramkrishna’s arrest comes a day after court dismissed her pre-arrest bail plea in co-location case

After a deep probe in the National Stock Exchange (NSE) fraud case, the Central Bureau of Investigation (CBI) on Sunday night arrested its ex-MD and CEO Chitra Ramkrishna in the co-location scam case.

The SEBI had recently imposed a fine of Rs.3 crore on her, following the market regulator finding that she allegedly shared vital inputs about the NSE with the “yogi” between 2014 and 2016.

Ramkrishna’s arrest comes a day after a Delhi court on Saturday dismissed her pre-arrest bail plea in the co-location case, pulling up the CBI for inaction and being lackadaisical in the probe against the accused in the last four years.

The CBI arrested Ramkrishna from her Delhi residence and will be produced before the Rouse Avenue Court on Monday, and the agency will seek her custody for questioning.

width="560" height="315" frameborder="0" allowfullscreen="allowfullscreen">

The CBI had also used the services of a senior psychologist of the Central Forensic Science Laboratory who also questioned the former NSE head. The officials said the psychologist had also come to the conclusion that she was evasive in responses leaving no option for the agency but to arrest her.

In connection with the case, ex-Group Operating Officer Anand Subramanian has also been arrested on the night of February 24 after several rounds of questioning. He was later sent to CBI custody till March 6.

The CBI is trying to corroborate the evidences collected by them with the questioning of Subramanian.

A CBI official said, “Information regarding organizational structure, dividend scenario, financial results, human resource policies and related issues, response to the regulator, etc., were shared by her with the yogi.”

On April 1, 2013, Ramkrishna became the CEO and MD of NSE. She brought in Subramanian as her advisor the same year.

Subramanian was made the Chief Strategic Advisor of NSE. He served at this post between 2013 and 2015 before being made Group Operations Officer and Advisor to the MD between 2015 and 2016, despite having no exposure to the capital market.

[With Inputs from IANS]

PGurus is now on Telegram. Click here to join our channel and stay updated with all the latest news and views

For all the latest updates, download PGurus App.