NSE Co-location case: Ex-NSE chief executive Chitra Ramakrishna, associate granted statutory bail

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NSE Co-location case: Ex-NSE chief executive Chitra Ramakrishna, associate granted statutory bail

The CBI is probing irregularities within the country’s largest stock exchange; specifically stock brokers’ alleged illegal access to server architecture.

The Delhi High Court on Wednesday granted bail to Chitra Ramkrishna, the former managing director and CEO of the National Stock Exchange, and Anand Subramanian, the former group operating officer and advisor to the managing director, in connection with the NSE co-location and market manipulation case being probed by the CBI.



Justice Sudhir Kumar Jain said he was granting ‘statutory bail’ – when the investigation is not completed within a specified period of time while the accused is in judicial custody.


A detailed copy of the order is awaited.

The CBI is probing irregularities within the country’s largest stock exchange; specifically stock brokers’ alleged illegal access to server architecture. Such access allowed them to log in first and get crucial market data quicker than others, this creating an unfair advantage.


Ramkrishna – who was head of the exchange between April 2013 and December 2016 – was arrested by the CBI on March 6.

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The central agency has also claimed she was communicating with an external email ID – the mysterious ‘Himalayan Yogi’, to seek advice on NSE matters. The agency also said she abused her position to illegally appoint Subramanian as the chief strategic advisor.



In September, the Enforcement Directorate also arrested former CEO Ravi Narain in a money laundering case related to alleged phone tapping and snooping of employees, which the agency stumbled upon while investigating the co-location case.

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