New Delhi: The Delhi High Court on Wednesday granted bail in the co-location scam case being investigated by the CBI to former National Stock Exchange (NSE) head Chitra Ramkrishna and former group operating officer Anand Subramanian.
The two former NSE executives will be released on “statutory bail,” according to Justice Sudhir Kumar Jain.
In May 2018, after further disclosures concerning irregularities at the biggest stock exchange in the nation, a FIR was filed in the case. The CBI is looking into allegations of illicit information sharing between stock brokers and the market exchanges’ computer servers.
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The CBI arrested Subramanian on February 24.
On March 6, the day after her anticipatory bail appeal was denied by a trial judge, the CBI had detained Ramkrishna.
The investigation has determined that co-accused Ramkrishna used her official position at NSE improperly to appoint him as the Chief Strategic Advisor, as well as arbitrarily and disproportionately raising his compensation and re-designating him as group operating officer without the necessary approvals, according to a status report filed in the bail petition by Subramanian.
In charge of the NSE from April 2013 to December 2016, Ramkrishna served as CEO and MD.
The agency further asserted that Ramkrishna was corresponding with Subramanian using an external email address while witness interviews were being conducted to uncover the full scope of the case’s conspiracy.
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