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A special CBI Court on Monday remanded Chitra Ramkrishna, former MD & CEO of the National Stock Exchange (NSE) to seven days’ CBI custody.
Ramkrishna was arrested by the investigating agency on Sunday in relation to the co-location case, registered in 2018. Last month, market regulator SEBI had slapped ₹3 crore fine on her after finding that she was taking guidance from a yogi in various matters related to the exchange. The CBI was also given an extension of remand, till March 9, to keep in custody Anand Subramanian, Ramkrishna’s former colleague and the then advisor to her.
The agency had sought 14 days’ custody when Ramkrishna was produced in the CBI court in person, before the bench of Sanjeev Aggarwal, earlier in the day. They said she needs to be confronted with over 3,000 emails and communication with others involved in the co-location scam. The counsel representing the CBI also contended that Ramakrishna has not been cooperating with the investigation.
Court raps CBI
During the hearing, the judge enquired about the other accused named in the FIR and also questioned the investigating agency as to why no action was taken for four years. He also wanted to know why the CBI needed 14 days’ custody when Ramakrishna had herself appeared before the agency thrice without needing court orders. “It never happens that an accused, whose interim protection has been denied, goes herself to the CBI,” the judge observed.
While the public prosecutor responded saying that mere participation by the accused does not mean cooperation, Ramkrishna’s lawyer opposed the plea. He also contended that she has an 85-year-old mother and a young daughter.
Hearing the arguments, the court granted seven day’s custody with certain conditions, which include medical examination every 24 hours and interrogating Ramkrishna under CCTV observation. The court also permitted her lawyers to meet her every evening.
A recap
Ramkrishna served as the MD & CEO of NSE between 2013 and 2016. She was appointed to the exchange on the basis of a strong recommendation made by Ravi Narain, her predecessor and NSE’s longest-serving boss. Both Narain and Ramkrishna are currently under the CBI scanner.
The co-location scam has many facets that involve data theft and is likely to bring the actions of almost the entire senior management, in charge of key portfolios between 2009 and 2016, under scrutiny. Currently, the investigation centers around the faulty trading infrastructure at NSE that gave preferential treatment to a clutch of brokers.
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