NSE co-location case: Delhi High court grants bail to Chitra Ramkrishna, Anand Subramanian

Ramkrishna was the MD and CEO of the NSE from April 2013 to December 2016. The CBI had arrested Ramkrishna on March 6, a day after her anticipatory bail application was dismissed by a trial court.

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New Delhi: The Delhi High Court on Wednesday granted bail to former National Stock Exchange (NSE) head Chitra Ramkrishna and ex-group operating officer Anand Subramanian in the co-location scam case being probed by the CBI.

Justice Sudhir Kumar Jain said he was granting "statutory bail" to the two former officials of the NSE. A detailed copy of the order is awaited.

An FIR was registered in the case in May 2018, amid fresh revelations about irregularities at the country's largest stock exchange. The CBI is probing the alleged improper dissemination of information from the computer servers of the market exchanges to stock brokers.

Subramanian was arrested by the CBI on February 24. The CBI had arrested Ramkrishna on March 6, a day after her anticipatory bail application was dismissed by a trial court.

In a status report filed in the bail plea by Subramanian, the CBI said the investigation has established that co-accused Ramkrishna abused her official position at NSE to illegally appoint him as the Chief Strategic Advisor and also arbitrarily and disproportionately hiked his compensation and re-designated him as group operating officer without requisite approvals.

Ramkrishna was the MD and CEO of the NSE from April 2013 to December 2016.

The agency further claimed that Ramkrishna was communicating with an external email-id being operated by Subramanian and examination of witnesses was being carried out to unearth the whole conspiracy in the case.