The Delhi High Court on Wednesday granted bail to the former National Stock Exchange (NSE) CEO Chitra Ramkrishna and former Group Operating Officer Anand Subramanian in the main co-location scam case registered by the CBI. Ramkrishna and Subramanian, however, will remain behind the Tihar Jail, since the duo were also booked in cases of illegal telephone tapping of NSE employees that are simultaneously being probed by the CBI and the Enforcement Directorate, said a lawyer representing their matters in courts.

“Statutory bail”

Justice Sudhir Kumar Jain gave "statutory bail" to the two former NSE employees. Another single bench of the same Delhi High Court, Justice Jasmeet Singh issued notice to the Enforcement Directorate (ED) on a bail application of Ramkrishna in the illegal phone tapping case where she along with others have been accused of authorising iSEC Services Pvt Ltd, a company owned by former Mumbai Police Commissioner Sanjay Pandey, to snoop on NSE employees.

The Court gave time to the investigating agency to file its response.

The CBI, meanwhile, has accused the former NSE CEO Ramkrishna of misusing her official position to appoint Subramanian to an underserving position and offering him a disproportionate salary package. Both the senior NSE employees have also been accused in a chargesheet of rigging the co-location facility at the stock exchange to benefit some traders.

Recruitment rules

The chargesheet, filed before a Special CBI court at Rouse Avenue District Courts a couple of months ago, stated that Ramkrishna first brought Subramanian on board NSE as the chief strategic adviser and subsequently re-designated him as the GOO-cum-Adviser overlooking recruitment rules. The CBI also charged that ₹4 crore salary to Subramanian was in contravention with the existing appointment rules.

Ramkrishna and Subramanian came to Delhi High Court after their bail was rejected by Special Judge of Rouse Avenue Courts on May 12. They are facing charges of destruction of evidence under Section 204 and for hatching criminal conspiracy under (120B) of Indian Penal Code and other offences under the Information Technology Act and Prevention of Corruption Act.

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