New Delhi: Chitra Ramkrishna, the former managing director and chief executive officer of the National Stock Exchange (NSE), was arrested in Delhi on Sunday by the Central Bureau of Investigation (CBI) in connection with the co-location scam case.
Ramkrishna was denied anticipatory bail by a Delhi court on Saturday. Chitra was summoned for questioning by a CBI team, and she was later arrested. On Monday, she will appear in front of a competent court.
Anand Subramanian, former Group Operating Officer and advisor to Chitra Ramkrishna, was arrested by the CBI in Chennai on February 25. Previously, the Securities and Exchange Board of India (SEBI) fined Chitra Ramkrishna Rs 3 crore in the co-location case.
The 190-page order also faults Ramkrishna for carrying out the exchange at the request of an unknown yogi. SEBI, the market regulator, described it as "bizarre misconduct" and a "glaring violation" of regulations. Co-location is a setup in which the broker's computer is located in the same area as the stock exchange's server. There are allegations that a few people have preferential access to the trading system.
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