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MUMBAI: The board of the country’s largest stock exchange NSE has given its nod to the CBI to prosecute two of its former MDs – Ravi Narain and Chitra Ramakrishna – relating to their role in misuse of the bourse’s trading mechanism. The NSE, headed by retired bureaucrat GC Chaturvedi, gave the approval after obtaining legal opinion during last week’s board meeting, sources said. The CBI had asked for the permission from the board to prosecute these officials in mid-2022.
Last year, both Narain and Ramakrishna were arrested by the CBI for their role in a case for which an FIR was registered in 2018. According to court papers relating to Ramakrishna’s bail from Delhi high court (September 2022), the CBI had alleged that Sanjay Gupta of OPG Securities was the main accused in manipulating the NSE’s co-location (co-lo) facility to profit using illegal methods, including bribing NSE officials.
While investigating the case, the CBI had arrested Narain, Ramakrishna, Gupta, among others, mostly in 2022. All those people are out on bail. On Monday, it was reported that the CBI’s plea at the SC to reject Ramakrishna’s bail, given earlier by Delhi HC, was turned down by the apex court. An NSE spokesperson declined to comment.
The CBI took up the probe as the case had “a serious bearing on the integrity of the NSE,” court papers noted.
Last year, both Narain and Ramakrishna were arrested by the CBI for their role in a case for which an FIR was registered in 2018. According to court papers relating to Ramakrishna’s bail from Delhi high court (September 2022), the CBI had alleged that Sanjay Gupta of OPG Securities was the main accused in manipulating the NSE’s co-location (co-lo) facility to profit using illegal methods, including bribing NSE officials.
While investigating the case, the CBI had arrested Narain, Ramakrishna, Gupta, among others, mostly in 2022. All those people are out on bail. On Monday, it was reported that the CBI’s plea at the SC to reject Ramakrishna’s bail, given earlier by Delhi HC, was turned down by the apex court. An NSE spokesperson declined to comment.
The CBI took up the probe as the case had “a serious bearing on the integrity of the NSE,” court papers noted.
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