NSE co-location case: CBI files chargesheet against Chitra Ramkrishna, Anand Subramanian

The Central Bureau of Investigation (CBI) on Thursday filed a chargesheet against former NSE chief Chitra Ramkrishna and Anand Subramanian in the high profile NSE co-location scam case. The chargesheet has been filed in the special CBI Court.

Both Ramkrishna and Subramanian were taken into custody after a detailed investigation. Ramkrishna had been arrested in the ongoing co-location case on March 6, 2022. On February 25, the CBI had arrested former NSE group operating officer Anand Subramanian.

The probing agency had earlier revealed that Ramkrishna had misused her official position to re-designate Anand Subramanian as Group Operating Officer and Advisor to MD from April 1, 2015, without bringing this to the notice of NRC and the board.

FIR in the NSE co-location scam was registered in 2018 for the alleged commission of offences under sections 204 (destruction of document or electronic evidence) and 120B (conspiracy) of the Indian Penal Code as well as the violation of the provisions of the Information Technology Act and Prevention of Corruption Act.

In the co-location facility offered by the NSE, brokers could place their servers within the stock exchange premises giving them faster access to the markets.

It is alleged by the investigating agency that some brokers in connivance with insiders abused the algorithm and the co-location facility to make windfall profits.

On Monday, the Securities Appellate Tribunal (SAT) had admitted Ramkrishna's plea against a Sebi order in relation to governance lapses at the bourse and directed her to deposit an amount of Rs 2 crore.
The appellate tribunal also directed NSE to deposit more than Rs 4 crore towards leave encashment and deferred bonus of Ramkrishna in an escrow account as against Sebi's direction where the amount was to be parked in the Investor Protection Fund Trust.

(With inputs from Arvind Ojha, agencies)

Also read: SAT admits Chitra's plea against SEBI order; directs her, NSE to deposit money