NSE scam: Special CBI court rejects bail pleas of Chitra Ramkrishna, Anand Subramanian

NSE scam: A special Central Bureau of Investigation (CBI) court on Thursday rejected the bail pleas of former National Stock Exchange MD and CEO Chitra Ramakrishna and former group operating officer Anand Subramaniam in connection with the NSE co-location scam. The CBI has been probing the case since May 2018.

Both Ramkrishna and Subramanian, who are in judicial custody in Tihar Jail, have been charged under several sections of the IPC.

The co-location scam denotes how some of the brokers, who in the co-location facility offered by the NSE, could place their servers within the stock exchange premises giving them faster access to the markets, had in connivance with insiders abused the algorithm and the facility to make windfall profits.

Recently, Ramkrishna was fined Rs 3 crore by the SEBI after the market regulator discovered that she allegedly shared vital NSE information with a mysterious Himalayan yogi, including "organisational structure, dividend scenario, financial results, human resource policies and related issues, response to regulator."

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Ramkrishna was appointed Ceo and MD of NSE on April 1, 2013. She appointed Subramanian as her advisor at the NSE.

(With the inputs of IANS)