Former NSE MD Chitra Ramakrishna In 7-day CBI Custody

Former NSE MD Chitra Ramakrishna in 7-day CBI custody, She used to work at the behest of Baba of Himalaya.

A Delhi court on Monday allowed the Central Bureau of Investigation (CBI) to keep Chitra Ramakrishna, former managing director, and chief executive officer of the National Stock Exchange (NSE), in seven-day custody in the co-location scam case.

The former chief executive officer of the National Stock Exchange was detained by the CBI in Delhi late on Sunday night.

On Saturday, the CBI arrested Ramakrishna after her anticipatory bail plea was rejected by the court. The CBI had recently questioned Ramakrishna in this case.

Former NSE MD Chitra Ramakrishna in 7-day CBI custody: The  I-T Department had earlier raided various premises linked to Ramakrishna in Mumbai and Chennai.

A CBI court had recently sent group operating officer and Ramakrishna’s advisor Anand Subramaniam to CBI custody. He was arrested by CBI from Chennai.

The arrest was made in the case related to the co-location scam, for which an FIR was registered in May 2018, amid fresh revelations of irregularities in the country’s largest stock exchange.

The CBI is probing the alleged improper dissemination of information from computer servers of market exchanges to stockbrokers.

In the co-location facility offered by NSE, brokers can place their servers within the stock exchange premises to give them faster access to the markets.

It has been alleged that some brokers with the connivance of insiders made windfall profits by misusing algorithms and co-location facilities.

Earlier, Sebi had penalized NSE, Ramakrishna, Ravi Narayan, and two other officials for lapses in recruitment at the senior level.

Ravi Narayan was MD and CEO of National Stock Exchange from April 1994 to March 2013, while Chitra Ramakrishna was MD and CEO of NSE from April 2013 to December 2016.

SEBI, in its investigation, found that the NSE and its top officials violated securities contract norms relating to the appointment of Subramaniam as Group Operating Officer and Advisor to the Managing Director.