A special CBI court on Monday sent Chitra Ramkrishna, former MD & CEO of the National Stock Exchange (NSE), to 14 days’ judicial custody in the co-location case.

The case, filed in 2018, relates to involving an unfair advantage in trading to some brokers. The agency has been investigating allegations of information leak from the computer servers of the exchange to stockbrokers. Ramkrishna is also accused of sharing confidential information with an individual dubbed as “Himalayan yogi”. She was arrested by the CBI on February 24 after days of questioning. 

‘Can’t be VIP prisoner’

Ramkrishna had moved a petition seeking bail, contending that the agency does not seek her custody any more. However, the CBI opposed it, arguing that she is an influential person and the investigation is still in progress on her foreign visits and other aspects of the case. “Hence, we want her to be sent to judicial custody,” the agency argued.

The court approved jail custody, and later rejected her request for home food and other amenities. “Every prisoner is the same. She can’t be a VIP prisoner because of what she had been,” Judge Sanjeev Aggarwal said. The court, however, allowed her to carry a copy of prayer books, the Hanuman Chalisa and Bhagwad Gita. 

The arrest came after the Securities and Exchange Board of India (SEBI) issued an order, indicating alleged misuse of power by the top management of the NSE. The order said Ramkrishna was guided by the mysterious ‘yogi’ in all personal and professional matters for around 20 years. The “yogi” was later revealed to be Anand Subramanian, a former stock exchange official arrested in a market manipulation case. Subramanian has already been arrested and is in judicial remand.

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