A special Central Bureau Investigation court in Delhi on Saturday turned down the anticipatory bail plea of Chitra Ramkrishna, former chief executive officer of the National Stock Exchange, in the 2018 co-location case, ANI reported.
The case pertains to allegations of preferential access to the National Stock Exchange’s algorithmic trading platform.
Ramkrishna was the chief executive officer and managing director of the exchange group from April 2013 to December 2016.
On February 18, the central investigating agency had questioned Ramkrishna in connection with the case in light of “fresh facts” that had emerged.
In May 2018, the CBI had booked the owner of Delhi-based financial advisor firm OPG Securities’ owner Sanjay Gupta and his brother-in-law Aman Kakrady, Ajay Shah and other officials of the National Stock Exchange in connection with the case.
The FIR also alleged that unknown officials of the National Stock Exchange had provided “unfair access” to OPG Securities using the co-location facility during the period 2010-2012 that enabled it to login first to the server of the exchange. This allowed the financial services firm to get market data ahead of any other broker, according to the FIR.
CBI issued circulars against Ramkrishna, another former chief executive officer of the National Stock Exchange Ravi Narain and a former group operating officer of the exchange, Anand Subramanian, to prevent them from leaving the country,
Ramakrishna recently made news after the Securities and Exchange Board of India, or SEBI, had said that she took decisions at the stock exchange allegedly based on the guidance of an unknown Himalayan ascetic.
On February 13, SEBI had said Ramakrishna shared confidential information about the National Stock Exchange, including its business plan, financial results and performance appraisals of employees, with the ascetic.
The order claimed that the ascetic had also guided Ramakrishna in Subramaniam’s appointment. He was arrested by the agency on February 25.