Former NSE CEO Chitra Ramkrishna and former Group Operating Officer of NSE Anand Subramanian have been granted bail by Delhi High Court in relation to the co-location scam. Justice Sudhir Kumar Jain remarked that CBI has filed a charge sheet in a "piecemeal fashion" and the same is not in respect of all the offences that are the subject matter of the FIR.

Justice Jain while granting bail to both the accused persons has stated that CBI is not legally permitted to investigate one portion of the FIR and then file its Charge-sheet with respect to those very offences and not qua other offences. Delhi High Court granted "Statutory Bail" as the probe had not been completed in a specified period of time and the accused were under judicial custody.

Ramkrishna had approached the Delhi High Court against the order denying bail to her by the Special Court. She was arrested on 24th Fburary by the CBI and later she was sent to CBI's custody till March 6, The CBI has been probing the NSE fraud and making efforts to reach to mysterious Himalayan Yogi with whom the classified information was shared by Ms. Ramkrishna. It was also learnt in the forensic report of Ernst & Young that Subramanian was the mysterious Yogi. The CBI is also trying to corroborate the questioning of Subraminain. It has been probing the matter since May, 2018 but failed to find any concrete evidence to identify the Yogi.

Recently, SEBI imposed a fine of Rs. 3 Crore on Chitra Ramkrishnafollowing the market regulator finding that she was allegedly sharing vital inputs about the NSE with a mysterious Yogi. Ms. Ramkrishna became CEO & MD of NSE on 1st April, 2013. She brought Subramanian to NSE who was made chief strategic advisor of the NSE and he served the post from 2013 to 2015 before he became Group Operations Officer and served from 2015 to 2016. 

Case Details:-

Bail Appln. 1522/2022 & Crl.M. (Bail) 587/2022

Chitra Ramkrishna...Petitioner

Versus

Central Bureau of Investigation (CBI)

through the Investigating Officer ...Respondent