A special CBI court in Delhi on March 24 dismissed Anand Subramanian's bail plea in the NSE Colocation scam case.
Subramanian, the former Group Operating Officer and advisor to then MD of the National Stock Exchange (NSE), was the first person to be arrested by the Central Bureau of Investigation in relation to the case.
After Subramanian was remanded to judicial custody by the special CBI court, he moved an application seeking bail. The order on his bail plea was reserved on March 11.
He was arrested for allegedly playing a role in facilitating unfair access to colocation services to certain market players. The illegal access to such confidential information allegedly gave undue advantage to such players.
Advocates representing Subramanian argued before the court that he was wrongly implicated in the case and that no clear case was made out against him in the First Information Report registered by the CBI.
During the course of the hearing, the special CBI judge had rued over the magnitude of the case and had expressed concern over India's reputation.
In relation to the same case, the former managing director of NSE, Chitra Ramakrishna, is under judicial custody after spending seven days in police remand. Ramakrishna will be produced before the special CBI court on March 28 when her 14-day judicial custody comes to an end.
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