Chitra Ramkrishna and Anand Subramanian’s default bail pleas in the National Stock Exchange (NSE) co-location case were dismissed by the Rouse Avenue Court on May 28. On Saturday, Special CBI Judge Rakesh Kumar denied both default bail petitions filed by Chitra Ramkrishna, the former CEO and MD of the NSE, and Anand Subramanian, the former Group Operating Officer (GOO) of the NSE. Both accused are currently in judicial prison and have recently sought for default bail on the grounds that the sanction from the competent authorities in this matter is still pending.
The investigative officer was recently ordered by the court to expedite the NSE Co-Location case and file sanctions on or before the next hearing date. The trial court had already dismissed Chitra Ramakrishna and Anand Subramanian’s regular bail petitions. Chitra Ramkrishna’s bail has also been appealed to the Delhi High Court, which is appealing the trial court’s decision to refuse her bail.
Trial Court while denying bail to Chitra Ramkrishna earlier said, “It appears that accused Chitra Ramkrishna seems prima facie to have been running the affairs of NSE akin to that of a private club; singer writer, Nobel Laureate Bob Dylan once said ‘money doesn’ t talk, it wears’, which is a song of, 1964 song album “It’s Alright Ma I’m Only Bleeding”, means that money not only has influence, but it has great influence, even a perverse influence on people.”
The financial world, especially FIIs, is waiting with baited breath for the NSE to redeem itself so that they can flock to this country for investment, which is currently a great investment location, according to the court.
With regard to affairs of NSE at the relevant time, it would not be out of place to observe herein that there comes a time in a lifetime of an institution, where it finds itself at crossroads, then it should take a path which is a right path to restore its glory, rather than burying the skeletons, which may later turn into Frankenstein monsters, said the trial court judge.
CBI, in March, arrested Chitra Ramkrishna a former managing director and chief executive officer of the NSE. Anand Subramanian as Group Operating Officer and Advisor to MD in connection with the NSE co-location case was arrested in February month.
In the NSE Co-Location case, the Central Bureau of Investigation (CBI) said that the investigation states that accused Chitra Ramakrishna, by misusing her official position, re-designed the post of accused Anand Subramanian as Group Operating Officer and Advisor to MD April 1, 2015, without bringing the same to the notice of NRC and the board.
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 and its former CEOs Chitra Ramakrishna and Ravi Narayan and two other officials for lapses in recruitment at the senior level.
From April 1994 until March 2013, Ravi Narain served as the NSE’s MD and CEO, while Chitra Ramkrishna served as the NSE’s MD and CEO from April 2013 to December 2016. The NSE and its senior officials broke security contract rules when they appointed Anand Subramaniam as global operating officer and advisor to the managing director, according to market regulators.
(With ANI inputs)