Court denies bail to Chitra Ramkrishna, Anand Subramanian

A Delhi court cited Nobel Laureate Bob Dylan as well as Frankenstein monster while denying bail to former managing director and chief executive officer of the National Stock Exchange (NSE) Chitra Ramkrishna and group operating officer (GOO) Anand Subramanian in the NSE co-location case. Special Judge Sanjeev Aggarwal made the reference in an order passed and reported on May 12, a detailed 42-page copy of which was uploaded on the court’s website on Monday.

The present case has shaken the financial consciousness of every investor, whether retail, institutional, or otherwise, which needs mending to restore the confidence of the public at large in the same, the order said.

Earlier, the Securities and Exchange Board of India (SEBI) penalised 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 level.

Ravi 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 2016.

The CBI has also alleged 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 director.