NSE Scandal: Former NSE MD Chitra Ramakrishna has been sent to CBI custody for seven days. Apart from this, a CBI court has also extended the custody of Anand Subramaniam till March 9.
NSE Scandal: A Delhi court on Monday sent former National Stock Exchange CEO Chitra Ramakrishna to seven-day CBI custody in the co-location scam case. The CBI had demanded 14-day custody for Ramakrishna, arrested on Sunday night. Earlier, in the last month, former NSE Group Operating Officer Anand Subramaniam was arrested. He was arrested by the CBI from Chennai in the NSE case. Both have been accused of market manipulation.
A CBI court has also extended Anand Subramaniam’s custody till March 9. He was arrested by the CBI from Chennai in the NSE case. It is believed that after these 2 arrests, some important revelations can be made in this case.
NSE Scandal: CBI arrested former NSE MD Chitra Ramakrishna, will appear in court today in co-location case
What did the CBI say in the court
The CBI told the court that it had recovered 2,500 emails sent between different accused and along with that it had sought 14 days’ custody before the court. The CBI said Ramakrishna had a face-off with Anand Subramaniam but Ramakrishna refused to even recognize him. The CBI also told the court that it took the help of a senior psychologist to interrogate Ramakrishna. Officials said that the psychologist also concluded that Ramakrishna was delaying in answering the questions, so the CBI had to arrest him. The CBI had earlier questioned Ramakrishna for three consecutive days.
What is co-location scam
Some of the brokers of the country’s major National Stock Exchange, the center of share buying and selling, were given such a facility, so that they would get information about the prices of shares in comparison to the rest. By taking advantage of this, they were making huge profits. They were given direct access by co-locating the server with the help of insiders. The scam amount is estimated to be Rs 50,000 crore in 5 years.
Chitra became the NSE chief in the year 2013
Chitra Ramakrishna is a Chartered Accountant (CA). He started his career with IDBI Bank in the year 1985. He also worked in SEBI for some time. She was in the lead role since the inception of NSE in 1991. Chitra was among the 5 people led by NSE’s first CEO RH Patil who were selected to create a transparent stock exchange after the ‘Harshad Mehta scam’. After the end of Ravi Narayan’s tenure in 2013, Chitra was made the chief of NSE for 5 years.
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