Why Chitra Ramakrishna was arrested?

The Central Bureau of Investigation (CBI) arrested Chitra Ramkrishna, former CEO and MD of National Stock Exchange (NSE), in connection with 2018 co-location case. This is the second high-profile arrest in the case. The agency arrested Anand Subramanian, NSE’s former group operating officer and Ramkrishna’s deputy and confidante, last month.

Why Chitra Ramkrishna was arrested?

Chitra Ramkrishna has been arrested for her role in the so-called co-location case, which involved certain brokers who used NSE’s co-location services between 2010 and 2014 to get preferential access to NSE’s platform.

What is the case?

The co-location scam dates back to 2013 to 2016. At the time, Chitra Ramakrishna was working as NSE MD. Ramkrishna's case came to light after SEBI imposed a penalty of Rs 3 crore on her for rigging appointments at the country's largest exchange and leaking secret information to an anonymous person dubbed as “Himalayan Yogi”.

Who is “Himalayan Yogi”?

The recent audit report has indicated that the mysterious “Himalayan yogi”, who allegedly influenced Ramkrishna’s decisions, may be none other than Subramanian himself. Reportedly, Anand Subramanian was the “yogi” who communicated with Chitra Ramkrishna through email. Investigating agencies, however, have not yet reached any conclusion with regard to the Yogi’s real identity.