Chitra Ramkrishna. File
| Photo Credit: Reuters
The Supreme Court on Tuesday (September 15, 2026) refused to entertain former NSE managing director Chitra Ramkrishna’s plea challenging an order taking cognisance of offences under the anti-corruption law in the co-location scam case against her.
Ms. Ramkrishna had challenged the Delhi High Court’s July 9 verdict, which dismissed her plea against a trial court order taking cognisance of the offences under the anti-corruption law in the case against her.
Her plea came up for hearing before a bench of Justices J B Pardiwala and K Vinod Chandran.
Senior advocate Balbir Singh, appearing for Ms. Ramkrishna, argued that the National Stock Exchange (NSE) is a private company and it can’t be said that the petitioner was discharging a public duty.
While disposing of her plea, the Bench said this point could be raised before the trial court, which would consider the same on its own merits.
In its verdict, the High Court had held that the NSE performed a “public duty” and the petitioner, being its CEO and managing director, “equally performed a function and duty in which the public at large is invested”.
The High Court also upheld the sanction given by the Board of Directors of the NSE to prosecute Ms. Ramkrishna, who is an accused in the co-location scam case, stating that the order was conditional to the limited extent of determination of issues pertaining to the applicability of the Prevention of Corruption (PC) Act to her, and it cannot be set aside only on this ground.
Ms. Ramkrishna had contended before the High Court that the definition of “public servant” under the PC Act was extremely vague and, therefore, was liable to be struck down.
She had also claimed that the provision cannot be made applicable to private persons employed with a private limited company.
In its judgment, the High Court stated that it did not find the definition of “public servant” under the PC Act so vague and uncertain so as to render it unconstitutional.
The High Court said that NSE is a recognised stock exchange, which is not an ordinary business venture but performs vital economic functions in the public interest, including the protection of investors, and that its shareholding is majorly in the hands of government companies.
The High Court clarified that whether the petitioner can be said to be performing a public duty in the internal management of the NSE and how far she was in charge of its day-to-day functioning and general policy decisions were matters of evidence, which cannot be determined at this stage.
The chargesheet filed by the CBI can also not be quashed by determining “such mixed questions of facts and law”, it added.
The NSE co-location scam refers to the alleged abuse of the algorithm and the co-location facility by certain brokers in conspiracy with some unknown officials to make windfall profits between 2010 and 2014 when the petitioner was managing its affairs.
Ms. Ramkrishna was appointed as joint MD in 2009 and remained in the position till March 31, 2013. She was elevated to MD and CEO on April 1, 2013.
The CBI arrested Ramkrishna on March 6, 2022, in connection with the case registered in 2018. She was granted bail by the high court in September 2022.
Published – September 16, 2026 07:05 am IST
