No relief for Chitra Ramkrishna in NSE co-location case
The Delhi High Court on Thursday dismissed former National Stock Exchange (NSE) managing director and chief executive officer Chitra Ramkrishna’s challenge to a trial court order taking cognisance of offences under the Prevention of Corruption (PC) Act in the NSE co-location scam case.
A bench of Justices Navin Chawla and Ravinder Dudeja held that the NSE performs a “public duty” and that Ramkrishna, as its CEO and managing director, also discharged a function “in which the public at large is invested”.
The court also upheld the sanction granted by the NSE Board of Directors to prosecute Ramkrishna. It said the sanction order, even if conditional to the limited extent of determining the applicability of the PC Act to her, could not be set aside solely on that ground.
Ramkrishna had argued that the definition of “public servant” under the Prevention of Corruption Act was vague and unconstitutional, and that the law could not apply to a private individual employed by a private company. Her plea was opposed by both the Central Bureau of Investigation (CBI) and the Centre.
In its 54-page judgment, the High Court said it did not find the definition of “public servant” under the PC Act so vague or uncertain as to render it unconstitutional.
The bench observed that the NSE is not an ordinary business venture, but a recognised stock exchange that performs vital economic functions in the public interest, including the protection of investors. It also noted that the exchange’s shareholding is largely held by government companies.
The court added that because the NSE acts through its officers, Ramkrishna could not be wholly separated from the functions performed by the exchange. At the same time, it clarified that whether she can ultimately be said to have performed a public duty in NSE’s internal management, and the extent of her day-to-day role and policy decisions, are matters of evidence to be tested during trial.
It further held that the CBI chargesheet cannot be quashed at this stage by deciding such mixed questions of fact and law.
“In view of the above, we do not find any merit in the present petition. The same, along with the pending application, is accordingly dismissed,” the court ruled.
What is the NSE co-location scam?
The NSE co-location scam relates to the alleged abuse of the exchange’s algorithmic trading and co-location facility by certain brokers, allegedly in conspiracy with unknown NSE officials, to make windfall gains between 2010 and 2014.
Ramkrishna was appointed joint MD in 2009 and remained in that role until March 31, 2013. She was elevated to MD and CEO on April 1, 2013.
The CBI arrested Ramkrishna on March 6, 2022, in connection with the case registered in 2018. She was later granted bail by the Delhi High Court in September 2022.
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