The Central Bureau of Investigation (CBI) on Sunday arrested Chitra Ramkrishna, the former managing director and chief executive officer of National Stock Exchange (NSE), in Delhi in connection with the co-location scam case.
A Delhi court had refused to grant anticipatory bail to Chitra on Saturday. Chitra was arrested after a CBI team called her for questioning. She will be produced before a court on Monday.
Anand Subramanian, former Group Operating Officer and advisor to Chitra Ramkrishna, was arrested by the CBI in Chennai on February 25.
Earlier, the Securities and Exchange Board (SEBI) has imposed a penalty of Rs 3 crore on Chitra Ramkrishna in the co-location case.
The 190-page order also faulted Chitra Ramkrishna for running the exchange at the behest of a mysterious yogi. The market regulator SEBI called it “bizarre misconduct” and a “glaring breach” of regulations.
The term ‘co-location’ refers to a setup in which the broker’s computer is located in the same area as the stock exchange’s server. There are allegations of preferential access to the trading system to a few.
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