Court defers order on bail petitions of Chitra Ramkrishna, Subramanian to May 12

A Special Court on Monday deferred passing the order on bail petitions of Chitra Ramkrishna and Arvind Subramanian in connection with the NSE colocation case for May 12Special CBI Judge Sanjeev Aggarwal on April 28 kept the order reserved and said that arguments were heard at length on bail application us 439 CrPC moved on behalf of accused Chitra Ramkrishna and concluded Further arguments were also heard at length on the second bail application of Arvind Subramanian filed US 437439 CrPC moved on behalf of the accused and concludedCBI recently had arrested Chitra Ramkrishna a former managing director and chief executive officer of the National Stock Exchange NSE and Anand Subramanian as Group Operating Officer and Advisor to MD in connection with the NSE colocation caseCBI in its reply in court had stated that the applicant Chitra Ramkrishna is highly influential and may tamper with the documentary digital evidence and manipulate the witnesses if released on bail The petitioner was a high ranking official of NSE during the relevant period Incriminating evidence has already come to the fore against her The consequences of granting bail will adversely affect the investigationCBI in its reply also stated that the examination of other witnesses is underway to unearth the conspiracy related to the colocation setup and the role played by the applicant Chitra Ramkrishna therein She was looking into the day to day affairs and the entire Colocation setup that was implemented during her tenure at NSE There are apprehensions that she may sway the witnesses if enlarged on bailReply also stated that the case pertains to the allegations against senior officials of the NSE where undue gains have been made by trading members by abusing the colocation facility Investigation into the role and responsibility of top officials in facilitating unfair access to the CoLocation setup is underwayIn the National Stock Exchange CoLocation case the Central Bureau of Investigation CBI said that the investigation states that accused Chitra Ramakrishna by misusing her official position redesignated the post of accused Anand Subramanian as Group Operating Officer and Advisor to MD from April 1 2015 without bringing the same to the notice of NRC and the boardThe 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 and its former CEOs Chitra Ramakrishna and Ravi Narayan and two other officials for lapses in recruitment at the senior levelRavi 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 market regulators 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