NSE co-location scam: Chitra Ramkrishna, Anand Subramanian granted bail by Delhi High Court
The former NSE employees were arrested on allegations that some traders were given preferential access to the stock exchange’s algorithmic trading platform.
The Delhi High Court on Wednesday granted a statutory bail to former National Stock Exchange Managing Director Chitra Ramkrishna and former Group Operating Officer Anand Subramanian in the alleged 2018 co-location scam, reported Live Law.
The Central Bureau of Investigation had arrested Ramkrishna and Subramanian in March in the case that pertains to the allegations of preferential access given to certain traders to the stock exchange’s algorithmic trading platform that allowed them to trade before the markets opened.
The central agency had alleged that Subramanian, an alleged “Himalayan ascetic”, had manipulated decisions made by Ramkrishna.
In February, a report by the Securities and Exchange Board of India had claimed that Ramakrishna shared confidential information about the stock exchange, including its business plan and financial results, with Subramanian and that she also discussed performance appraisals of employees with him.
Last month, CBI court had denied bail to Ramkrishna in a money-laundering case. The Enforcement Directorate had arrested Ramkrishna on July 14 in connection to a money-laundering investigation related to the alleged illegal phone tapping of NSE employees between 2009 and 2017.