No relief in co-location case: Chitra and Anand's bail plea rejected, CBI said - if bail is found, evidence can be tampered with Former MD and CEO of National Stock Exchange (NSE) Chitra Ramakrishna and former Group Operating Office Anand Subramaniam have received setback from the Special CBI Court. The court on Thursday rejected the bail pleas of both of them in the NSE co-location scam case. The CBI has been probing the case since May 2018. Both Ramakrishna and Subramaniam are in judicial custody in Tihar Jail. Co-location allows brokers to place their systems and operate close to the servers of the exchange.
Being near exchange servers, such brokers get an advantage over others as data transmission takes less time. Orders from brokers with co-location facility reach the exchange faster than brokers who do not have this facility. The CBI told the court that both the accused were in influential positions due to which the evidence could be tampered with. The grant of bail may also affect the investigation. Recently, Ramakrishna was also fined Rs 3 crore by SEBI.
In the past, after 6 years of investigation, SEBI had released a 190-page report. It was said that during his tenure as MD and CEO, Chitra had shared many important information of NSE with a yogi from Himalaya. He had appointed Anand Subramaniam, a mid-level manager with a package of Rs 15 lakh, with a package of Rs 1.38 crore. There is a possibility that Anand Subramaniam is the only Yogi.