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.
SC move
The Supreme Court on Monday refused to interfere with a Delhi High Court order granting bail to Ramkrishna in the co-location scam.
Rejecting an appeal by the CBI challenging the high court’s September 28 order, the bench clarified that the observations made in the order will be construed only for grant of default bail.
