Chitra Ramakrishna fails to recognise Anand Subramanian when confronted by CBI; sent to 7 days CBI custody

Special court of Central Bureau of Investigation (CBI) has given seven days of custody of Chitra Ramakrishna to CBI. CBI apprised court that Chitra Ramakrishna former Managing director & Chief Executive Officer of National Stock Exchange (NSE) did not recognise Anand Subramanian in first meeting. CBI sought two weeks of custodial interrogation. Chitra was arrested by CBI late night on Sunday, earlier Anand Subramanian ex Group Operating Officer of NSE was arrested by CBI in Chennai.  

CBI mentioned in the court during seeking custody of Chitra Ramakrishnan that “Chitra did not even recognise Anand Subramanium in first meeting”. 

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CBI told court that there are around 2500 emails exchanged between Chitra and Anand Subramanian and others, which needs to be investigated. 

However, Chitra’s lawyer Trideep Pais argued that Chitra was the person who stopped co-location scam in NSE. He further added that other accused who were named in FIR have not been arrested including economist Ajay Shah. Pais informed the court that Ajay Shah was called by CBI for questioning  and he is the person who created “Chanakya” software for using co-location data. 

Pais further added that CBI did not arrest Ravi Narain who was Managing Director before the Chitra Ramakrishna. 

CBI informed the court that Chitra has submitted all electronic devices to the agency.

CBI court special judge also asked CBI why they have not taken any action in last four years. CBI court observed that SEBI should have registered the case as they are empowered under Section 24 of SEBI Act.   

CBI lawyer VK Pathak said in court that she was evasive in answering the questions. Around 2500 incriminating mails between Anand and others which needs to be confronted.  

CBI had registered FIR in May 2018 in NSE co-location case. Where it was alleged that some brokers were given preferential access of NSE tick by tick rates to execute trades and they benefitted from it.  Agencies become active again in the case after SEBI passed an order last month. The SEBI order created hype as it mentioned replies of Chitra where she allegedly admitted sharing confidential data and info of NSE with an unknown Siddha Purush/Yogi.