ED grills Chitra Ramkrishna at Tihar Jail in NSE co-location scam

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New Delhi, May 24 | The Enforcement Directorate (ED) on Tuesday grilled the National Stock Exchange’s former CEO and MD Chitra Ramkrishna at length at Tihar Jail in connection with the co-location scam.

The financial probe agency is conducting a parallel probe in the matter, on the basis of the FIR filed by the Central Bureau of Investigation (CBI).

The ED team questioned Ramkrishna for some hours and recorded her statements in connection with the Prevention of Money Laundering case. In coming days, it might arrest her as well, if they need to confront her with documents.

In April, the CBI had filed its first charge sheet in the matter against Ramkrishna and NSE’s former Group Operating Officer Anand Subramanian.

Subramanian was arrested by the CBI on February 24 and Ramkrishna on March 6.

The CBI is probing the matter since May 2018 but they haven’t found any concrete evidence to identify mysterious Himalaya Yogi with whom classified information about the NSE was shared by Ramkrishna over email.

Recently, the SEBI had imposed a fine of Rs 3 crore on her, following the market regulator finding that allegedly shared vital inputs about the NSE with the yogi.

On April 1, 2013, Ramkrishna became the CEO and MD of NSE. She brought Subramanian to NSE as her advisor in 2013.

Subramanian was made the Chief Strategic Advisor of NSE. He served at this post between 2013 and 2015 before being made Group Operations Officer and Advisor to the MD between 2015 and 2016, despite having no exposure to the capital market.

Previously working as a mid-level manager in Balmer and Lawrie, he had seen his salary increased from Rs 15 lakh to Rs 1.68 crore annually, and then to Rs 4.21 crore.

Subramanian quit the NSE in October 2016 and Ramakrishna in December 2016.

Source: IANS

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Weekly Fundamental Market Outlook

Weekly Fundamental Market Outlook

Indian share market posted its first weekly gain in Jun by rising 2.7%.

This week, the Indian Stock Market rebounded strongly and ended with first weekly gain of 2.7% in June as a drop in commodity prices offered some relief from broadening inflationary pressures. Copper prices, which are often seen as a bellwether for economic output due to their wide range of industrial and construction uses, are heading for their worst week in a year, while oil prices have dropped over concerns of slumping demand.

While the US recessionary fears are still at the forefront, but the slide in commodity prices has lifted the mood of stock market.Cheaper oil is usually beneficial for oil-importing countries such as India.

Domestically, on sectorial basis, Auto and FMCG are the top gainers, while Metal index is the top losers. On stock basis, Hero MotoCorp, Eicher Motors, Hindustan Unilever, Maruti Suzuki and M&M were the top gainers and Tata steel, UPL, Reliance Industries, hindalco Inds and Coal India were the top losers.

In the next week, investors will keep a close eye on crude oil price movement, commodity prices, US economic activity and the geopolitical development.

 

Post Disclaimer by BhaskarLive.in

The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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