NSE co-location case: Delhi court dismisses bail pleas of Chitra Ramkrishna, Anand Subramanian

Will the other, bigger fish in the NSE scam be named in the supplementary charge sheet?

Will the other, bigger fish in the NSE scam be named in the supplementary charge sheet?
Will the other, bigger fish in the NSE scam be named in the supplementary charge sheet?

CBI expected to file supplementary charge sheet

A Delhi Special court handling corruption cases on Thursday dismissed the bail applications of the National Stock Exchange‘s (NSE) former boss Chitra Ramkrishna and her co-accused Group Operating Officer Anand Subramanian in the co-location case. Denying the relief, Special Judge Sanjeev Aggarwal said there was no sufficient ground to grant them bail.

Central Bureau of Investigation’s (CBI) Prosecutor during the arguments, strongly opposed the bail application of Chitra and Anand. CBI said that the two accused persons could influence the witnesses and tamper with the evidence. It said the nature and gravity of the offense were “quite severe and had far-reaching repercussions on the financial stability”. CBI’s current charge sheet made only Chitra and Anand as accused and it is expected that CBI will file a supplementary charge sheet to include more persons as accused.

CBI says its probe indicates that the so-called fictitious “Himalayan Yogi” seen as advising Chitra through emails was none other than her aide Anand. CBI earlier questioned Chitra’s predecessor Ravi Narain. But somehow he was not made as accused. CBI has not yet questioned the top officials in the Finance Ministry during the scam period when P Chidambaram was Finance Minister. It is well known about the proximity of Chitra Ramkrishna and Ravi Narain with Chidambaram, who is already accused in corruption cases like the Aircel-Maxis scam and the INX-Media bribery case.

PGurus had published a series of articles on the NSE’s dubious Co-Location scam, which gave advance stock market information to a select group of stock traders. This was the real fooling of common investors and others involved in the stock trade, starting during Finance Minister P Chidambaram’s tenure. CBI filed FIR on the Co-Location scam in May 2018 and the investigation got delayed. 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) penalized the NSE, Chitra Ramakrishna, Ravi Narain, and two other officials for lapses in recruitment at the senior level. Ravi Narain was NSE’s managing director and CEO from April 1994 to March 2013, while Chitra Ramkrishna was the MD and CEO of the NSE from April 2013 to December 2016. Anand Subramaniam was elevated as the Group Operating Officer and advisor to Chitra.

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