Chitra Ramkrishna

The court has directed Ramkrishna to deposit half of the Rs 25 lakh penalty to stay the operation of the SAT order. The case will likely be heard again in March

Tribunal also slashes penalties levied on Chitra and Anand Subramanian

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Central agency had been waiting for approval since March 2022

Leading stock exchange NSE's board has given its approval to the Central Bureau of Investigation (CBI) to prosecute its former MD and CEO Chitra Ramkrishna in the co-location scam case, sources said on Monday. The CBI was awaiting the go-ahead of the board of National Stock Exchange of India (NSE) to prosecute Ramkrishna following her arrest in March last year. She was arrested in the co-location scam nearly four years after an FIR was registered by the agency in May 2018. The CBI is probing the alleged improper dissemination of information from the computer servers of the market exchanges to the stock brokers. NSE's co-location facility allows stock brokers to take on rent specific racks and co-locate their servers and systems within the exchange premises. In its board meeting on February 7, the board of NSE accorded approval to CBI to prosecute top officials including Ramkrishna in the co-location scam, wherein some brokers allegedly got preferential access in high frequency ...

The Delhi High Court on Thursday granted bail to Chitra Ramkrishna in the money laundering case related to alleged illegal phone tapping and snooping of the National Stock Exchange (NSE) employees. "The application is allowed. The applicant is granted bail," said Justice Jasmeet Singh. The former NSE managing director, who was earlier arrested by the CBI in the alleged NSE co-location scam, was arrested in the present case by the Enforcement Directorate on July 14 last year. She was granted bail in the CBI case by the high court in September last year. The Enforcement Directorate (ED) had opposed her bail plea in the present case on grounds that she was the mastermind behind the conspiracy. The phone tapping case, according to the ED, pertains to a period from 2009 to 2017 when former NSE CEO Ravi Narain, Ramkrishna, Executive Vice-President Ravi Varanasi, and Head (Premises) Mahesh Haldipur and others conspired to cheat NSE and its employees and for the purpose, engaged iSEC ...

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Sebi needs capacity to protect investor interests

Tribunal directs NSE to pay Rs 100 crore penalty for failing to follow due diligence. Legal representatives said that findings against NSE have been partially set aside

A Delhi court will hear on December 7 the bail applications of former NSE chief Chitra Ramakrishna and ex-Mumbai Police Commissioner Sanjay Pandey in a corruption case related to alleged illegal phone tapping and snooping on stock exchange employees. Special Judge Sunena Sharma adjourned the matter after the counsel appearing for the two accused prayed for adjournment on the ground that their petition challenging the rejection of their bail application in a connected money laundering case, being probed by the ED, is pending before the Delhi High Court which has reserved its orders. In view of request, let the bail applications of the accused be listed for arguments on December 7, the judge said in an order passed on November 30. Both the accused are currently in the judicial custody. The judge also directed the Tihar jail superintendent to produce Pandey before the court physically on the next date of hearing, as the accused himself will argue his bail application. According to th

The Delhi High Court on Tuesday reserved its verdict on the bail plea by Chitra Ramkrishna in the money laundering case related to alleged illegal phone tapping and snooping on National Stock Exchange (NSE) employees. The former NSE managing director objected to the Enforcement Directorate's claim that she was the mastermind behind the conspiracy and highlighted that she has spent four months in custody. Arguments heard. Judgement reserved, said Justice Jasmeet Singh after hearing rejoinder submissions by the senior counsel for Ramkrishna. Senior advocate Rebecca John, appearing for Ramkrishna, argued that the ED's claim that she was the mastermind can be discredited and disproved on the basis of the material on record. To say that I processed (the tapping) and I was the mastermind is being economical with the truth and contrary to the documents that they (ED) have themselves filed on record, she argued. The senior lawyer said that the court would consider the facts and circumstan

Institutions need better governance structure

The ED on Tuesday opposed in the Delhi High Court the bail plea of former MD of National Stock Exchange Chitra Ramkrishna in a money laundering case related to alleged illegal phone tapping of NSE employees, saying she was the mastermind behind the criminal conspiracy in the matter. The Enforcement Directorate (ED) told Justice Jasmeet Singh that the proposal for call interception and monitoring, which was in the guise of study of cyber vulnerability, was processed through Ramkrishna who was the deputy managing director at the relevant time, and that she identified the telephone numbers and the employees for monitoring. It said that all the approvals were either processed through her or given by her and that the illegal interception was co-terminus with her tenure at NSE. She represented NSE at an initial meeting for the award of the contract. The telephone numbers and the employees who were identified for monitoring were identified by her. "We have statements of multiple people w

The Delhi High Court on Wednesday granted bail to former National Stock Exchange (NSE) head Chitra Ramkrishna and ex group operating officer Anand Subramanian in the co-location scam case being probed by the CBI. Justice Sudhir Kumar Jain said he was granting "statutory bail" to the two former officials of the NSE. A detailed copy of the order is awaited. An FIR was registered in the case in May 2018, amid fresh revelations about irregularities at the country's largest stock exchange. The CBI is probing the alleged improper dissemination of information from the computer servers of the market exchanges to stock brokers. Subramanian was arrested by the CBI on February 24. The CBI had arrested Ramkrishna on March 6, a day after her anticipatory bail application was dismissed by a trial court. In a status report filed in the bail plea by Subramanian, the CBI said the investigation has established that co-accused Ramkrishna abused her official position at NSE to illegally appoint him

Narain, arrested a few days before the chargesheet was filed, had allegedly conspired with iSec in the tapping case from the beginning

A Delhi Court on Monday dismissed the bail application of former managing director and chief executive officer of the National Stock Exchange (NSE) Chitra Ramkrishna in a money laundering case related to the alleged illegal phone tapping and snooping of NSE employees. Special Judge Sunena Sharma denied the relief, saying the stage was not set to allow the bail. During the hearing, the ED had opposed the bail plea, saying the investigation was ongoing in the matter and she was directly or indirectly indulging in the crime. The ED's Special Public Prosecutor N K Matta had told the court that from 2009 to 2017, former NSE CEO Ravi Narain, Ramkrishna, Executive Vice President Ravi Varanasi and Head (Premises) Mahesh Haldipur and others conspired to cheat NSE and its employees and for the said purpose iSEC Services Pvt Ltd was engaged for illegal interception of phone calls of employees of NSE in the guise of Periodic Study of Cyber vulnerabilities of NSE. The top officials of NSE issue

A Delhi court on Thursday reserved its order on the bail plea of National Stock Exchange's (NSE) former CEO and MD Chitra Ramkrishna, who was arrested in connection with a money laundering case

Pandey, who was arrested on July 19 in the case, was produced before Special Judge Sunena Sharma at the Rouse Avenue Court Complex following expiry of his custody.

NSE's CEO-designate has to address crisis of confidence at the bourse

ED had last week filed a money laundering complaint against ex-Mumbai Police Commissioner Sanjay Pandey and former NSE top bosses in connection with the alleged illegal phone tapping case