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During a board meeting on February 7, the board of NSE approved the prosecution of top officials, including Ramakrishna, in the co-location scam in which some brokers allegedly got preferential access to high-frequency trading.
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The Enforcement Directorate (ED) had opposed her bail plea in the present case on grounds that she was the 'mastermind' behind the conspiracy.
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The former NSE managing director, who was earlier arrested by the CBI in the alleged NSE co-location scam, was arrested in the present case by the Enforcement Directorate on July 14 last year.
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The Securities Appellate Tribunal (SAT) has set aside the SEBI Whole Time Member orders issued on April 30, 2019 directing Narain to disgorge 25 per cent of his salary drawn from financial year 2010-11 to 2012-13 to the Investor Protection and Education Fund (IPEF).
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NSE co-location case: In its order delivered on April 30, 2019, SEBI had directed NSE to disgorge Rs 624.89 crore at 12 percent interest per annum from April 2014 onwards. Disgorgement refers to the repayment of gains that have been made illegally.
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The agency, in its charge sheet filed before a special court in New Delhi, has alleged that National Stock Exchange (NSE) had paid Rs 4.54 crore (approx) in 8 years to ISEC Services Pvt Ltd, where Pandey was a director, for carrying out illegal interception of phones at the bourse employees in the name of cyber vulnerability study, officials said.
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Justice Sudhir Kumar Jain said he was granting "statutory bail" to the two former officials of the NSE.
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Pandey was already in the judicial custody of Enforcement Directorate in connection with probes against him.
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Narain, arrested a few days before the chargesheet was filed, had allegedly conspired with iSec in the tapping case from the beginning
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During the hearing, the Enforcement Directorate had opposed the bail plea, claiming that the investigation was ongoing in the matter and she was directly or indirectly involved in the crime.
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Special Judge Sunena Sharma denied the relief, saying the stage was not set to allow the bail.
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"The period to deposit the money by our order dated 11th April, 2022 is extended for a further period of four weeks,” the appellate tribunal said in an order passed on May 31.
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The notice came after Chitra Ramkrishna failed to pay the fine imposed on her by the Securities and Exchange Board of India (SEBI).
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The search operation will cover brokers at more than 12 premises in Mumbai, Gandhinagar, Delhi, Noida, Gurugram and Kolkata, among other cities.
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In a written reply in the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary said market regulator SEBI, after investigation into the matter involving NSE and other entities, has passed requisite orders.
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Special Judge Sanjeev Aggarwal also extended Chitra Ramkrishna’s judicial custody till April 11, after she was produced before the court at the end of her earlier judicial custody.
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The Securities and Exchange Board of India (SEBI) has informed that an ex-MD&CEO of NSE, had sought guidance from a 'siddha purusha/yogi', Minister of State for Finance Pankaj Chaudhry said in a written reply to the Rajya Sabha.
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Special Judge Sanjeev Aggarwal ordered that Ramakrishna be physically produced before the court next on March 28.
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Vikram Limaye has decided not to seek a reappointment as MD & CEO of the National Stock Exchange. Chita Ramkrishna gets arrested in the NSE co-location case. Catch Karunya Rao and Santosh Nair live for more updates.
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This comes after the NSE put out an advertisement last week calling for candidates for the MD and CEO role
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The CBI, sources told CNBC-TV18, was also examining the role of Muralidharan Natarajan, the CTO of NSETECH (a subsidiary of NSE).
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“The trading systems have been scaled up substantially. We used to process about 100,000 messages per second till about two years ago – that has been scaled up to 300,000. That’s the best in the world,” says Limaye
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The probe agency produced the accused before special Special Judge Sanjeev Aggarwal and sought 14-day custodial interrogation in the case.
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Ramkrishna's arrest comes a day after her anticipatory bail plea was rejected by a court in the national capital.
