NSE fraud: Anticipatory bail plea of Chitra Ramakrishna dismissed


Photo source: PTI / Representative (file).

NSE fraud: Chitra Ramakrishna’s anticipatory bail application rejected.


  • A CBI court has rejected Chitra Ramakrishna’s application for anticipatory bail in a fraud case.
  • Former CEO-MD of Chitra National Stock Exchange
  • Ramakrishna, through his lawyer, went to court seeking release from his arrest

A special CBI court in Delhi on Saturday rejected the anticipatory bail application of Chitra Ramakrishna, former CEO-MD of the National Stock Exchange (NSE), in a fraud case.

Ramakrishna, through his lawyer, went to court seeking release from his arrest. The prosecution has opposed his appeal. After hearing the arguments of the accused and the state, the court dismissed the application.

On February 24, the CBI arrested Anand Subramanian, a former group operating officer of NSE. He was later remanded in CBI custody till March 6.

The Central Bureau of Investigation (CBI) is investigating the NSE fraud and trying to find new clues to reach the mysterious Himalayan yogi, with whom classified information was shared by Ramakrishna.

Read also: IT department raids former NSE MD Chitra Ramakrishna

A forensic report by Ernst & Young (E&Y) reveals that Subramanian may be a mysterious yogi. On 11 February SEBI denied it.

The CBI is trying to confirm the evidence that Subramanian has collected with interrogation.

It has been investigating the matter since May 2018 but has failed to find any specific evidence to identify the mysterious Himalayan yogi.

Recently, SEBI imposed a fine of Rs 3 crore on Ramakrishna, after the market regulator found out that he had shared important inputs about NSE with Yogi. “Information on organizational structure, dividend scenario, financial results, human resource policy and related issues, regulator’s response, etc. was shared with Yogi,” the source said. Between 2014 and 2016, he sent emails to rigyajursama@outlook.com.

On April 1, 2013, Ramakrishna became the CEO and MD of NSE. He brought Subramanian to the NSE in 2013 as his advisor.

Subramanian was appointed chief strategic adviser to the NSE. He held the position between 2013 and 2015, before becoming MD’s Group Operations Officer and Advisor between 2015 and 2016, despite having no exposure to the capital market.

Previously working as a mid-level manager at Balmer and Lorry, he saw his salary increase from Rs 15 lakh per annum to Rs 1.68 crore and then to Rs 4.21 crore.

Subramanian left the NSE in October 2016 and Ramakrishna in December 2016.

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