Former NSE MD Chitra Ramkrishna Sent To 7-Day CBI Custody By Delhi Court

The central agency has earlier sought a 14-day remand of Ramkrishna from the court so she could be confronted with other NSE and Sebi officials

Chitra Ramkrishna was arrested by the CBI in a co-location scam case on Sunday. Image: File photo

New Delhi: A Delhi court on Monday granted Central Bureau of Investigation (CBI) seven-day custodial interrogation of Chitra Ramkrishna in co-location scam case, according to news reports.

The central probing agency has sought a 14-day remand of Ramkrishna, former managing director (MD) and chief executive officer (CEO) of the NSE, so she could be confronted with other National Stock Exchange (NSE) and Securities and Exchange Board of India (Sebi) officials in the case, the central probing agency told the court.

Ramkrishna was arrested by the CBI on Sunday.

According to sources in the CBI, Ramkrishna would be produced along with NSE’s former Group Operating Officer (GOO) Anand Subramanian. The agency will seek custodial remand of both of them. Ramkrishna would be confronted with Subramanian and their statements will be recorded together by the investigating officials.

The CBI will try to corroborate the evidences collected by them.

This is the second arrest in NSE's Co-location scam case. Ramkrishna was arrested from her Delhi's residence.

Subramanian was arrested on the night for February 24. He was later sent to CBI's custody.

Before taking Ramkrishna and Subramanian to the Rouse Avenue Court, their medical examination will be done at a government hospital. However, the agency is also mulling to produce them via video conferencing to avoid any untoward incident.

The agency is probing the matter since May 2018 but they haven't found any concrete evidence to identify the mysterious Himalayan "yogi" with whom classified information was shared by Ramkrishna.

The Sebi had recently imposed a fine of Rs 3 crore on her, following the market regulator finding that she allegedly shared vital inputs about the NSE with the "yogi" between 2014 and 2016.

"Information regarding organisational structure, dividend scenario, financial results, human resource policies and related issues, response to regulator, etc., were shared by her with the yogi," an official said.

On April 1, 2013, Ramkrishna became the CEO and MD of NSE. She brought in Subramanian as her advisor the same year.

Subramanian was made the chief strategic advisor of NSE. He served at this post between 2013 and 2015 before being made Group Operations Officer and Advisor to the MD between 2015 and 2016, despite having no exposure to the capital market.