New Delhi: Former National Stock Exchange CEO Chitra Ramkrishna was sent to jail for 14 days by a CBI court Monday in connection with the co-location scam case.
Co-location refers to a setup in which the broker’s computer is located in the same area as the stock exchange’s server.
Ramkrishna was arrested in Delhi last week. A Delhi court had refused to grant her anticipatory bail. The CBI, in its application, had sought a 14-day remand and stated that Ramakrishna continued to provide evasive answers and misguide the investigation officer.
Her advisor and former Group Operating Officer Anand Subramanian was arrested by the CBI in Chennai on 25 February. Ramkrishna was the managing director and chief executive officer of NSE between 2013 and 2016.
The Securities and Exchange Board of India had slapped a penalty of Rs 3 crore on Ramkrishna in the co-location case. An order from the stock market regulator had stated that Ramkrishna shared sensitive information regarding the business of the NSE with an unknown and an unidentified person.
She claimed she had been taking advice from this individual — who she had allegedly never met — for the last 20 years while making business decisions.
SEBI had called it “bizarre misconduct” and a “glaring breach” of regulations.
With inputs from agencies
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