Order reserved on bail plea of ex-NSE MD Chitra Ramkrishna

NEW DELHI: The Rouse Avenue Court in the national capital on Thursday reserved the order on the bail plea of Chitra Ramkrishna, former MD and CEO of the National Stock Exchange (NSE).

Ramkrishna was arrested by the Enforcement Directorate on July 14 under the money laundering act in connection with the alleged illegal phone tapping and snooping of employees of the NSE.

Following the orders of the Ministry of Home Affairs (MHA), the Central Bureau of Investigation (CBI) registered the case in an alleged National Stock Exchange (NSE) co-location scam that involved the phone tapping of NSE employees.

The FIR mentioned the names of former NSE chief Chitra Ramakrishna, Ravi Narain and former Mumbai Commissioner Sanjay Pandey for allegedly tapping the phones of NSE officials and other irregularities.

Pandey is a 1986-batch Indian Police Service (IPS) officer who retired from service on June 30.

During the investigation, it was found that Pandey is closely related to the functioning and activities of a company called iSec Securities Pvt. Ltd.

The company had conducted a security audit of NSE around the time the alleged co-location irregularities have taken place.

The company was incorporated by Pandey in March 2001 and he quit as its director in May 2006. His son and mother took over the charge of the company.

It has been alleged that illegal phone tapping of NSE employees was done between 2009-17.