A Delhi court has sent former National Stock Exchange (NSE) managing director and chief executive officer Chitra Ramakrishna to 14-day judicial custody in connection with the co-location scam case, while turning down her request for certain facilities in jail. that they cannot be done. behaved differently.
Special Judge Sanjeev Agrawal ordered that Ramakrishna be produced before the court on March 28 next and rejected his lawyer’s request to have home cooked food in jail. The judge remarked, “I’ve had it too… it’s good.” The court also turned down the plea of the lawyer, in which it had allowed him to carry the mask. “VIP prisoners want everything. Every prisoner is the same. There is no need to treat her differently because of how she has been,” the judge said. The court accepted the request made by Ramakrishna’s lawyer for spectacles, prayer book and medicines inside the jail.
The Central Bureau of Investigation (CBI) produced the accused before the court at the end of his 7-day custody and urged the court to send him to judicial custody. The CBI counsel said that the investigation in the case was on and Ramakrishna was a procrastinator and a non-cooperative as well as a very influential person. “Have you found that he is the mastermind or some puppet master,” the court asked.
The CBI counsel said it was too early to say and added that the accused had come face to face with various people. Ramakrishna’s counsel said he was filing the bail application and the court questioned whether it was too early. “Your anticipatory bail was rejected a few days ago. Isn’t it a little early?” questioned the judge who said the order on bail plea by another accused in the case – Anand Subramaniam was listed for hearing on March 24. Yet the judge held that filing a bail application was a constitutional right and it was up to the accused.
Opposing the bail application by former Group Operating Officer (GOO) Anand Subramaniam, the CBI had said that he impersonated as a “Himalayan Yogi” and influenced Ramakrishna’s decision-making. The CBI had arrested Ramakrishna on March 6, a day after his anticipatory bail plea was rejected by the court. The CBI had recently questioned Ramakrishna in this case.
The Income Tax (IT) department had earlier raided various premises attached to it in Mumbai and Chennai. The arrests were made in a case related to the co-location scam, for which the FIR 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 computer servers of market exchanges to stock brokers. In the co-location facility provided by NSE, brokers can place their servers within the stock exchange premises to give them faster access to the markets. It has been alleged that some brokers with the connivance of insiders made windfall profits by misusing algorithms and co-location facility.
Earlier, capital markets regulator SEBI had penalized NSE, Ramakrishna and Ravi Narayan and two other officials for lapses in recruitment at the senior level. Ravi Narayan was the MD and CEO of NSE from April 1994 to March 2013, while Chitra Ramakrishna was the MD and CEO of NSE from April 2013 to December 2016. SEBI observed that NSE and its top officials have violated the relevant securities contract norms. Appointment of Subramaniam as Group Operating Officer and Advisor to Managing Director.
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