New Delhi: The bail applications of National Stock Exchange's (NSE) former chief Chitra Ramkrishna and group operating officer Anand Subramanian in the NSE co-location case was rejected by a Delhi court, the PTI reported on Thursday.
Special Judge Sanjeev Aggarwal, while denying the relief, said there was no sufficient ground to grant bail to Ramkrishna and Subramanian. After hearing arguments from Arshdeep Singh, advocate of the accused, as well the prosecution, the court reserved its order.
The Central Bureau of Investigation (CBI), which is investigating the case, had earlier opposed bail applications of the two saying they could influence the witnesses and tamper with the evidence. The probe agency said the nature and gravity of the offence was quite severe and had far-reaching repercussions on the financial stability.
An FIR was filed in May 2018 amid fresh revelations about irregularities at India’s largest stock exchange.
The CBI has started probing the case of alleged improper dissemination of information from the computer servers of the NSE to the stock brokers.
Capital market regulator, Securities and Exchange Board of India (Sebi) had earlier penalised the NSE, Ramakrishna, Ravi Narain, and two other officials for lapses in recruitment at the senior level.
According to the report, Narain was the managing director and CEO of NSE from April 1994 to March 2013. After him, Ramkrishna became the MD and CEO of the stock exchange. Her tenure was from April 2013 to December 2016.
The CBI has mentioned that the NSE and its top executives violated certain securities contract norms regarding appointment of Anand Subramaniam as the group operating officer and advisor to the then managing director, Ramkrishna.