Delhi Court Sends Former NSE Chief Chitra Ramkrishna to 14-Day Judicial Custody

The development comes after Ramkrishna was arrested by the CBI in the co-location scam on 6 March.

Chitra Ramkrishna, who was the first woman to head the National Stock Exchange, was arrested on 6 March. 

(Photo Courtesy: Facebook/KMC GROUP)

A Delhi court on Monday, 14 March remanded former Managing Director and Chief Executive Officer of National Stock Exchange (NSE), Chitra Ramkrishna to 14-day judicial custody.

Ramkrishna was arrested by the Central Bureau of Investigation (CBI) in the co-location scam on 6 March, and subsequently sent to a seven-day Central Bureau of Investigation (CBI) remand.

The Income Tax Department had raided a number of premises linked to the former NSE Managing Director in Chennai and Mumbai, news agency PTI reported.

Case Against Ramkrishna

On 11 February, the Securities and Exchange Board of India (SEBI) penalised the NSE and Ramkrishna for sharing confidential information with a 'Himalayan yogi' and allegedly taking his advice on important decisions connected to NSE operations.

As per a SEBI order dated 11 February, Ramkrishna had allowed her decisions to be swayed by a "spiritual force" during her tenure. As a fallout, former group operating officer and advisor to the MD, Anand Subramanian, who had allegedly been an associate of the 'yogi,' had drawn unjustified gains during Ramkrishna's tenure.

A fine of Rs 3 crore has been imposed on Ramkrishna, and Rs 2 crore each on the NSE and Narain.

Chief Regulatory Officer and Chief Compliance Officer VR Narasimhan has also been fined Rs 6 lakh.

(With inputs from PTI.)