Former NSE MD Chitra Ramkrishna, Arrested by CBI

On Sunday, i.e. 6 March 2022, the Central Bureau of Investigation (CBI) arrested Chitra Ramkrishna, former Managing Director of the National Stock Exchange (NSE). She was arrested on charge of alleged abuse of NSE’s server architecture for granting preferential access of market data to a stock broker, ahead of others. Ms. Ramkrishna worked with NSE from early 1990s. She was NSE’s Managing Director and Chief Executive Officer from April 2013 to December 2016. On 11 February, SEBI levied penalties on Ms. Ramkrishna, Mr. Subramanian, and former NSE MD Ravi Narain for irregularities in Mr. Subramanian’s appointment as a Chief Strategic Adviser and his re­designation as the Group Operating Officer and Adviser to the then NSE MD. It was followed by Income Tax Department raids on the premises of Ms. Ramkrishna and Mr. Subramanian in Mumbai and Chennai. CBI the issued look out circulars against the two and Mr. Narain, following which their statements were recorded. Mr. Subramanian was arrested because he did not cooperate in the probe and refused to divulge the real identity of the “Himalayan yogi” with whom he and Ms. Ramkrishna had shared internal confidential documents of the exchange during the check period. The CBI case is against Delhi­ based OPG Securities and others, including unknown officials of the SEBI and the NSE. It is alleged that the company’s top functionaries exploited certain loopholes in the exchange’s server infrastructure and conspired with the NSE data centre’s staff to gain preferential access to the market feed creating a potential advantage for some stock brokers over the others.

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