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Indian police arrest NSE stock exchange’s former head Ramkrishna -source -Breaking

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© Reuters. FILEPHOTO: On May 28th 2019, a security guard walks by the NSE’s logo in Mumbai. REUTERS/Francis Mascarenhas/File Photo

NEW DELHI, (Reuters) – India’s Federal Police arrested the ex-chief executive of India’s National Stock Exchange of India on Sunday in connection to alleged governance lapses at India’s top bourse. A source who has direct knowledge of the matter told Reuters.

According to the Central Bureau of Investigation (CBI), Chitra Ramkrishna, was taken into custody in New Delhi. The source did not provide further information.

Ramkrishna and others were penalized by market regulators after an investigation which revealed she had sought out advice for many years from an externalr that she described as a Himalayan yoga teacher.

CBI’s latest action indicates that it is intensifying its probe into the 2018 NSE case, in which some traders of high frequency were accused of being denied unfair access to accelerate algorithmic trading. Additional scrutiny could delay a proposed NSE listing.

The market regulator issued a February 11 order that pointed out lapses in the exchange. It said Ramkrishna had resigned as CEO in 2016. She described Ramkrishna as “merely a puppet”.

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