Why has the CBI arrested former NSE CEO, Chitra Ramakrishna?

On Sunday night, the CBI arrested Chitra Ramkrishna, the former CEO of India’s premier stock exchange, NSE. This was expected after the arrest of another co-accused, Anand Subramanian, by the CBI. Post his arrest, Chitra had applied for anticipatory bail to pre-empt any arrest by the CBI, considering the seriousness of the case and the allegations against Chitra, the courts had refused to give any anticipatory bail. Subsequently, she was arrested.

The arrest pertains to her role in the NSE co-location scam that happened between 2010 and 2014 where the access protocols were tweaked to give preferential access to a handful of brokers on the NSE platform. The anticipatory bail was refused since there was large scale loss of public money that had bene caused. Chitra had taken over as MD and CEO of NSE in April 2013 and post the scam revelations had resigned from her position in November 2016.