CBI probe against former NSE chief Chitra Ramakrishna to continue
What's the story
The Supreme Court of India has refused to interfere with the Delhi High Court's decision, which held that the National Stock Exchange serves a public purpose and its officers perform public duties. The ruling comes in response to a plea by former NSE CEO Chitra Ramakrishna, challenging her prosecution by CBI under Prevention of Corruption Act (PC Act). A bench comprising Justices JB Pardiwala and K Vinod Chandran upheld this observation while dismissing Ramakrishna's challenge against the High Court order.
Trial proceedings
A look at the NSE co-location controversy
The Supreme Court said whether Ramakrishna was performing a 'public duty' can be raised before the trial court.
The case stems from the NSE co-location controversy, where certain brokers were allegedly given preferential access to exchange servers between 2010 and 2014.
According to the chargesheets, Ramakrishna allegedly facilitated a system that could be manipulated for this purpose and abused her position.
Legal
CBI probe against Ramakrishna to continue
After the trial court took cognizance of the chargesheets, Ramakrishna moved to the High Court seeking to quash these proceedings. However, her plea was rejected by the Delhi HC. Now, the SC's ruling means that a CBI probe against Ramakrishna will continue at this stage.