SC refuses to interfere with Ramakrishna’s prosecution sanction in NSE case
A bench of justices JB Pardiwala and K Vinod Chandran disposed of Ramakrishna’s challenge to a Delhi high court order
The Supreme Court on Tuesday declined to interfere with the sanction granted for the prosecution of former NSE CEO and managing director Chitra Ramakrishna under the Prevention of Corruption Act in the NSE co-location case. However, the court allowed her to raise the question of whether she was performing a "public duty" and could be treated as a public servant during the trial.
The Delhi high court had earlier ruled that the NSE performs a public duty due to its crucial role in the economy and financial markets, and that Ramakrishna, in her position, could not be entirely separated from the functions carried out by the exchange. The high court dismissed her plea to quash the sanction imposed by the NSE board, stating that whether Ramakrishna actually managed the NSE's day-to-day operations and policy decisions were to be determined during the trial.
The case stems from the NSE co-location controversy, where the CBI alleged that certain brokers received preferential access to the exchange's servers between 2010 and 2014, facilitated by Ramakrishna's position at the time.
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