Co-location Case: Former NSE Chief Chitra Ramkrishna Sent to 7-Day CBI Remand

The development comes after Ramkrishna was arrested by the CBI in the co-location case on Sunday evening.

Chitra Ramkrishna, who was the first woman to head the National Stock Exchange, has been arrested. 

Photo Courtesy: Facebook/KMC GROUP)

A special court has sent former National Stock Exchange (NSE) Chief Executive Officer Chitra Ramkrishna to a 7-day Central Bureau of Investigation (CBI) remand on Monday, 7 March, reported Business Today.

The development comes after Ramkrishna was arrested by the CBI in the co-location scam on Sunday evening. She has been accused of sharing confidential information with a 'Himalayan yogi,' after the CBI questioned her over lapses at India's largest stock market.

Interrogation of the ex-CEO will be conducted under CCTV surveillance and lawyers will meet her every evening, the court has ordered. The court has also ordered a medical examination of Ramkrishna every 14 hours.

Earlier today, the CBI had brought Ramkrishna to the courtroom at Delhi's Rouse Avenue Court. The agency had sought a 14 day-remand, in order to confront her with NSE and SEBI officials, according to the counsel representing the CBI in court.

"Ramkrishna has been arrested following questioning and will be produced in a competent court on Monday," a CBI official said, as per The Indian Express.

The arrest comes one day after a Delhi court rejected her plea for pre-arrest bail. The court had even lambasted the CBI for being "lackadaisical" in its investigation against her.

Meanwhile, the court extended the CBI custody of NSE Group's former Chief Operating Officer (COO), Anand Subramanian, till 9 March, reported ANI. He was arrested on 25 February in connection with the co-location scam.

The Case Against Ramakrishna

On 11 February, the Securities and Exchange Board of India (SEBI) penalised the NSE and Ramkrishna for sharing confidential information with the 'yogi' and allegedly taking his advice on important decisions connected to NSE operations.

The SEBI had also levied penalties on NSE Group Operating Officer Anand Subramanian and former NSE Managing Director Ravi Narain.

Subramanian was arrested on 25 February, after being accused of violations similar to those of Ramkrishna.

Additionally, the Income-Tax Department had raided the premises of Ramkrishna and Subramanian in Mumbai and Chennai.

A fine of Rs 3 crore has been imposed on Ramkrishna, and Rs 2 crore each on the NSE and Narain.

Chief Regulatory Officer and Chief Compliance Officer VR Narasimhan has also been fined Rs 6 lakh.

(With inputs from Business Today, The Indian Express, and The Hindu)