HC seeks CBI stand on ex-NSE GOO Subramanian's bail in co-location case

The Delhi High Court on Tuesday sought the CBI's stand on a bail plea filed by National Stock Exchange (NSE) former group operating officer Anand Subramanian in the co-location scam case.

Representing the accused, senior advocate Vikas Pahwa argued that an incomplete chargesheet has been filed in the case and sought a mandatory bail under the Criminal Procedure Code as well as on merits.

Justice Sudhir Kumar Jain then issued a notice seeking the CBI's response.

The former GOO was arrested by the CBI on February 24 and was remanded to custodial interrogation. He was sent to judicial custody on March 9.

In his bail plea filed through advocate Alok Tripathi, Subramanian has stated that a trial court wrongly dismissed his plea for default bail in the matter by an order passed on May 28.

An FIR in this case was registered in May 2018 amid fresh revelations about irregularities at the country's largest stock exchange.

The CBI is probing the alleged improper dissemination of information from the computer servers of the market exchanges to the stock brokers.

The agency has also alleged in the case that the NSE and its top executives violated securities contract norms relating to the appointment of Anand Subramaniam as the group operating officer and adviser to the managing director.

It has alleged that former NSE boss Chitra Ramkrishna, along with Subramanian, abused her official position as the managing director and got him appointed as her chief strategic adviser and consultant by creating the post, bypassing the prescribed due procedures at the NSE.

Ramkrishna was the MD and CEO of the NSE from April 2013 to December 2016.

The trial court had rejected Subramaniam's bail applications on two other occasions as well May 12 and March 24.

In March, while dismissing the bail application, the trial court had said that the accused held a pole position at NSE whose affairs are under investigation.

The matter would be heard next on July 7.