NSE co-location: Court scraps bail pleas of Chitra, Anand
Source: Inhouse illustration

NSE co-location: Court scraps bail pleas of Chitra, Anand

One-liner: A Delhi court on Thursday dismissed the bail applications of National Stock Exchange's former boss Chitra Ramkrishna and group operating officer Anand Subramanian in the co-location case.

No ground for bail: Denying the relief, Special Judge Sanjeev Aggarwal said there was no sufficient ground to grant them bail. 

Order reserved: The court reserved its order after hearing arguments from Arshdeep Singh, an advocate of the accused, as well the prosecution.

CBI statement: Earlier, the CBI had opposed their bail applications saying they could influence the witnesses and tamper with the evidence. 

Offence quite severe: It said the nature and gravity of the offence was quite severe and had far-reaching repercussions on the financial stability.

FIR registered: An FIR, in this case, was registered 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 the stockbrokers

SEBI action: Earlier, the Securities and Exchange Board of India (SEBI) penalised the NSE, Ramakrishna, Ravi Narain, and two other officials for lapses in recruitment at the senior level.

Violation: The CBI has also alleged the NSE and its top executives violated securities contract norms relating to the appointment of Anand Subramaniam as the GOO and advisor to MD.

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