NSE co-location case: CBI opposes Anand Subramanian's bail

The Central Bureau of Investigation CBI on Thursday opposed the bail petition of Anand Subramanian in connection with the National Stock Exchange NSE colocation case and said economic offences constitute a class apart from having deeprooted conspiracies involving huge loss of public funds affecting the economy of the country as a whole posing serious threat to the financial health of the countryIt noted that is required to be visited with a different approach in a matter of bailCBI in its status report stated that Petitioner Anand Subramanian is highly influential and is capable of influencing the witnesses Examination of other witnesses is being carried out to unearth the whole conspiracy related to colocation setupIn case the Petitioner is enlarged on bail he may contact the important witnesses and destroy the emails or digital evidenceSubramanian former Group Operating Officer and exadvisor to former MD of NSE Chitra Ramakrishna was the first person who was arrested by CBI in NSE colocation case in February this yearThe Trial Court had earlier refused to grant bail to Anand SubramanianSenior Advocate Vikas Pahwa appeared in Delhi HC for petitioner Anand Subramanian and submitted that the allegations contained in the FIR are concerned and the applicant has been wrongly implicated in the case since he is not connected in any manner with the allegations so leveledThe bench of Justice Sudhir Kumar Jain on Thursday deferred the matter for Friday after noting that the bail petition of Chitra Ramakrishna is already pending for tomorrow in the same FIRAccording to the CBI on the basis of the evidence collected during the course of investigation it has been established that Petitioner and coaccused Chitra Ramkrishna entered into a criminal conspiracy and in pursuance to the same coaccused Chitra Ramkrishna abused her official position as Joint MD as well as MD of NSE to illegally and arbitrarily appoint Petitioner as Chief Strategic Advisor to MDCBI also stated that in pursuance to the criminal conspiracy coaccused Chitra Ramkrishna arbitrarily and disproportionately hiked the compensation of Petitioner and redesignated him as Group Operating Officer without taking approval of NRC or BoardIn pursuance to criminal conspiracy coaccused Chitra Ramkrishna exercised undue influence on the concerned departments while sending replies to SNACO and SEBI Thus Petitioner and coaccused Chitra Ramkrishna have committed offences punishable Us 120B IPC rw 13 1d rw 13 2 PC Act 1988 and substantive offences thereof accordingly report under section 173 CrPC was filed against them on 21042022 stated the status report of CBICBI status report further stated that the investigation into allegations regarding leakage of data unauthorizedly from NSE established that coaccused Chitra Ramkrishna the then MD amp CEO of NSE was communicating with an external email ID rigyajursamaoutlookcom through her email IDsIn this connection a search was conducted at the premises of Petitioner the then Group Operating Officer ampAdvisor to MD of NSEIn his disclosure statement he admitted having operated the said email ID rigyajursamaoutlookcom and accessed the said email ID in the presence of independent witnesses At the instance of Petitioner and the disclosure statement made by him incriminating emails were recovered MLAT request has been sent to USA for getting the complete details of this emailidCBI earlier in Trial Court had submitted that 832 GB of data was recovered and has written to Microsoft to give us the complete data as he deleted material and certain emailsEarlier CBI submitted that it is seriously looking at all the aspects of the investigation and a special team of 30 officials consisting of a senior officials to probe the case It is also probing the role of SEBI officials in the matterFurther tt has recently questioned Ravi Narain former MD of NSERavi Narain was the MD and CEO of the National Stock Exchange from April 1994 till March 2013 while Chitra Ramkrishna was the MD and CEO of the NSE from April 2013 to December 2016The CBI is probing the alleged improper dissemination of information from the computer servers of the market exchanges to the stock brokersEarlier The Securities and Exchange Board of India SEBI has penalized the National Stock Exchange NSE and its former CEOs Chitra Ramakrishna and Ravi Narayan and two other officials for lapses in recruitment at the senior levelThe market regulator SEBI observed that the NSE and its top executives violated securities contract norms relating to the appointment of Anand Subramaniam as group operating officer and advisor to the managing directorThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever