Anand Subramanian and Chitra Ramkrishna, the former group operating officer and head of the National Stock Exchange (NSE), were both granted bail by the Delhi High Court on Wednesday in the co-location scam case under investigation by the CBI.
Justice Sudhir Kumar Jain said he was granting "statutory bail" to the two former officials of the NSE. A detailed copy of the order is awaited.
In May 2018, amid new revelations about irregularities at the biggest stock exchange in the nation, a FIR was filed in the case. The CBI is looking into allegations of improper information sharing between stock brokers and the market exchanges' computer servers.
CBI arrested Subramaniam on February 24 and Ramakrishna on March 6, a day after her anticipatory bail application was dismissed by a trial court.
The investigation has determined that co-accused Ramkrishna used her official position at NSE improperly to appoint him as the Chief Strategic Advisor, as well as arbitrarily and disproportionately raising his compensation and re-designating him as group operating officer without the necessary approvals, according to a status report filed in the bail petition by Subramanian.
In charge of the NSE from April 2013 to December 2016, Ramkrishna served as CEO and MD.
The agency further asserted that Ramkrishna was corresponding with Subramanian via an external email address while witness interviews were being conducted to uncover the full scope of the case's conspiracy.
