NSE Co-location scam: Former NSE head Chitra Ramkrishna sent to 7-day CBI custody

Former National Stock Exchange (NSE) head Chitra Ramkrishna, arrested by the Central Bureau of Investigation (CBI), for allegedly sharing confidential information relating to the NSE, has been remanded to seven-day CBI custody by a Delhi court [CBI v. Sanjay Gupta & Ors ]..On March 7, Special CBI Judge Sanjeev Aggarwal, had rejected Ramkrishna’s anticipatory bail plea and noted that bail matters regarding economic offences have to be approached differently as they involve conspiracies that are deep-rooted towards losses of public funds.."This kind of co-location swindle could not have been possible without the knowledge and active connivance of all the functional heads of the NSE at the relevant time, this period can be considered as dark period in the history of NSE," the bail order had stated..The Court had then taken note of the CBI's reply that Ramkrishna had not given any proper responses to its questions in the three days she was interrogated. Since co-accused Anand Subramanian is already under police remand, the CBI argued that questioning both of them would be needed to dig out the truth.The Court, however, said the approach of the CBI has been 'most lackadaisical' as no action seems to have been taken against the main beneficiaries of the alleged co-location scam, and others for nearly four full years, who seemed to be "enjoying merrily at the expense of common citizenry"..Ramkrishna's counsel submitted that undue public pressure is being created through the media on investigating agencies after the SEBI's observations in the matter, even though the offence is more than four years old and the accused have been fully cooperating since..It was argued that all the material electronic and documentary is already in the possession of the CBI and the NSE, leaving nothing to be recovered from the applicant. She cannot tamper with the evidence or influence the witnesses in any way, the counsel added..The case stems from a February 11 order of SEBI which found that she indulged in financial misdeed relating to fixation and frequent revision of compensation of Anand Subramanian in a disproportionate manner in cahoots with whom she claimed to be a 'Siddha Purusha'..Ramkrishna’s bizarre claim of having been guided by a Siddha Purusha/ Yogi dwelling in Himalayas in making her professional decisions did not find favour with the SEBI, which had barred her from associating with any market infrastructure institution or any intermediary registered with SEBI for a period of three years.