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.
She has been accused of sharing confidential information with a ‘Himalayan yogi,’ after the CBI questioned her over lapses at India’s largest stock market.
The case involving an unfair advantage in trading to some brokers was filed in 2018.
The agency is probing allegations of improper dissemination of information from the computer servers of the market exchanges to stockbrokers in what has come to be known as the “co-location scam”.
Chitra Ramakrishna had moved a petition seeking bail, contending that the agency does not seek her custody anymore.
But the CBI opposed it, arguing that she is an influential person and the investigation is still in progress on her foreign visits and other aspects of the case. “Hence we want her to be sent to judicial custody,” the agency argued.
The court approved jail custody and later rejected her request for home food and other amenities.
“Every prisoner is the same. She can’t be a VIP prisoner because of what she had been. Rules can’t be changed,” judge Sanjeev Aggarwal said, as her counsel pressed for special facilities inside the jail.
The court, however, allowed her to carry a copy of a prayer book, the Hanuman Chalisa.
