A Special Central Bureau of Investigation court in Delhi on Thursday denied bail to former National Stock Exchange Managing Director Chitra Ramkrishna in the 2018 co-location scam case, according to Bar and Bench.

The court also dismissed bail for Anand Subramanian, a former group operating officer at the National Stock Exchange, PTI reported. Subramanian had been arrested in relation to the co-location case on February 25.

Co-location is a facility using which a third party can lease server space and other computer hardware. It was alleged that unknown officials of the National Stock Exchange had provided unfair access of the stock trading platform to Delhi-based financial advisor firm OPG Securities using the co-location facility between 2010 and 2012. This allowed the financial services firm to get market data ahead of any other broker.

Special court Judge Sanjeev Aggarwal said that arguments made by the accused persons’ counsels did not make for sufficient grounds for the bail, PTI reported.

Ramkrishna was arrested by the Central Bureau of Investigation on March 6. The case pertains to allegedly granting preferential access to the trading platform to certain private financial service firms.

The Securities and Exchange Board of India had said on February 13 that Ramkrishna took decisions at the stock exchange based on the guidance of an unknown Himalayan ascetic.

However, the Central Bureau of Investigation suspects that Ramkrishna and Subramanian made up the story about the Himalayan ascetic to mislead the investigation into the co-location scam.

On March 6, the Central Bureau of Investigation had told the court that Ramkrishna had been arrested as she gave “evasive” replies during the investigation.

The duo have been penalised in the past by the Securities and Exchange Board of India for lapses in recruitment for senior-level positions.