News Karnataka
Monday, June 05 2023
Business News

NSE ex-CEO Chitra Ramkrishna arrested by CBI

Delhi court denies bail to Chitra Ramkrishna in NSE co-location scam case
Photo Credit : IANS

New Delhi: In a major development in the National Stock Exchange (NSE) fraud case, the Central Bureau of Investigation (CBI) on Sunday night arrested its ex MD and CEO Chitra Ramkrishna.

Arrested from her Delhi residence, Ramkrishna will be produced before the Rouse Avenue Court on Monday, and the agency will seek her custody for questioning.

Earlier, ex-Group Operating Officer Anand Subramanian was arrested on the night of February 24 after several rounds of questioning. He was later sent to CBI custody till March 6.

The CBI is trying to corroborate the evidence collected by them with the questioning of Subramanian.

The agency is probing the matter since May 2018 but they haven’t found any concrete evidence to identify the mysterious Himalayan “yogi” with whom classified information was shared by Ramkrishna.

The SEBI had recently imposed a fine of Rs 3 crore on her, following the market regulator finding that she allegedly shared vital inputs about the NSE with the “yogi” between 2014 and 2016.

“Information regarding organisational structure, dividend scenario, financial results, human resource policies and related issues, response to regulator, etc., were shared by her with the yogi,” an official said.

On April 1, 2013, Ramkrishna became the CEO and MD of NSE. She brought in Subramanian as her advisor the same year.

Subramanian was made the Chief Strategic Advisor of NSE. He served at this post between 2013 and 2015 before being made Group Operations Officer and Advisor to the MD between 2015 and 2016, despite having no exposure to the capital market.

Previously working as a mid-level manager in Balmer and Lawrie, he had seen his annual salary increase from Rs 15 lakh to Rs 1.68 crore, and then to Rs 4.21 crore.

Subramanian quit the NSE in October 2016 and Ramakrishna in December 2016.

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