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NSE co-location scam: ED gets 4-day custody of Chitra Ramkrishna

In a fresh development in connection with National Stock Exchange (NSE) co-location scam, the Enforcement Directorate on Thursday arrested its former CEO cum MD Chitra Ramkrishna. The ED had moved Rouse Avenue court which granted them four days custodial remand.

NSE co-location scam: ED gets 4-day custody of Chitra Ramkrishna

Ramkrishna was earlier girlled by the anti money laundering agency at Tihar Jail in May. Ramkrishna was placed under arrest on March 6 by the CBI after which she was sent to judicial custody.

The anti money laundering probe agency is also conducting a through investigation in the matter. The case of ED is on the basis of the FIR of the CBI. The ED is conducting a parallel probe in the matter.

In April, the Central Bureau of Investigation (CBI) had filed its first charge-sheet in the matter against Ramkrishna and and Anand Subramanian, the ex Group Operating Officer of the NSE.

Subramanian was arrested by the CBI on February 24 while Ramkrishna was placed under arrest on March 6.

The federal probe agency is probing the matter since May 2018 but they have not found any concrete evidences to identify mysterious Himalayan Yogi with whom the classified information were shared by Ramkrishna.

Recently, the SEBI had imposed a fine of Rs 3 crore on her, following the market regulator's finding that she allegedly shared vital inputs about the NSE with the 'yogi'.

"Information regarding organisational structure, dividend scenario, financial results, human resource policies and related issues, response to regulator, etc., were shared by her with the yogi," said a source in the know of things. Between 2014 and 2016, she sent e-mails at

On April 1, 2013, Ramkrishna became the CEO and MD of NSE. She brought Subramanian to NSE as her advisor in 2013.

Subramanian was made the Chief Strategic Advisor of NSE.

He served at this post between 2013 and 2015 before being made Group Operations Officer and Advisor to the MD between 2015 and 2016, despite having no exposure to the capital market.

Previously working as a mid-level manager in Balmer Lawrie, he had seen his salary increased from Rs 15 lakh to Rs 1.68 crore annually, and then to Rs 4.21 crore.

Subramanian quit NSE in October 2016 and Ramakrishna in December 2016. CBI swung into action in the case in 2018 and since then, it is probing the matter.

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