Chitra Ramakrishna, former Managing Director and Chief Executive Officer of National Stock Exchange (NSE)
The CBI on Friday opposed the bail plea of Chitra Ramakrishna, former managing director and chief executive officer of the National Stock Exchange (NSE) in the co-location case. The agency told Special Judge Sanjeev Agarwal that Ramakrishna was highly influential.
CBI National Stock Exchange on Friday in the co-location case (NSE) Chitra Ramakrishna, former Managing Director and Chief Executive Officer of ,Chitra Ramakrishna) bail application of (Bail) opposed to. The agency told Special Judge Sanjeev Agarwal that Ramakrishna was highly influential and when released on bail, she could tamper with documentary and digital evidence and influence witnesses. The CBI said the nature and gravity of the offense in this case was very high and it had far-reaching effects on financial stability. The agency, in its reply, told the court that the petitioner was a senior official of NSE during the relevant period. Incriminating evidence has already surfaced against him.
Granting bail will adversely affect the investigation. The agency said that other witnesses are being examined to ascertain the conspiracy related to the co-location setup and the role of Ramakrishna in it.
What is the full story of the scam?
Let us tell you that the then CEO of India’s top stock market NSE, Chitra Ramakrishna told PTI eight years ago that technology is a lion on which everyone is riding. At that time, she herself was riding the lion on the top post of the National Stock Exchange. The NSE had overtaken the 100-year-old BSE (Bombay Stock Exchange) as the largest stock exchange in India within a year of its launch in 1994.
A technical snag in NSE’s sophisticated algorithmic based superfast trading allowed Ramakrishna to rise to the top position of NSE in the male dominated world of stock trading. About 10 lakh crore rupees of investors were wiped out due to this technical fault on the morning of October 5, 2012 in the NSE.
NSE CEO Ravi Narayan had to step down and a few months later on 13 April 2013, the command of NSE was formally handed over to Chitra Ramakrishna. Today, 59-year-old Ramakrishna is at the center of a bizarre scam when a SEBI probe revealed that he was being instructed by a mysterious Himalayan yogi in taking key business decisions of the exchange.
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