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NSE case: CBI court dismisses Chitra Ramkrishna's anticipatory bail plea

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The CBI had earlier arrested Anand Subramanian, NSE's former group operating officer, from Chennai in relation to the alleged scam worth thousands of crores of rupees

Chitra, Chitra Ramakrishna

A Special CBI court in Delhi on Saturday dismissed the anticipatory bail plea of Chitra Ramakrishna, the former CEO-MD of Stock Exchange (NSE), in connection with the NSE co-location case.

Ramakrishna, through her counsel, had approached the court seeking relief from her arrest.

Her plea was opposed by the prosecution. After hearing the argument of defense and the prosecution, the court dismissed the plea.

On February 24, the CBI arrested Anand Subramanian, the ex-Group Operating Officer of NSE. He was later sent to CBI's custody till March 6.

In December 2015, Sebi received a whistleblower complaint alleging governance issues in appointment of Subramanian. The market regulator then sought an explanation from the exchange on various points raised in the complaints. The exchange, which was then headed by Ramkrishna, was evasive. Sebi sent several reminders to the exchange. In October 2016, Subramanian was ousted from the exchange.

In December 2016, Ramkrishna also stepped down as MD& CEO. Around the same time, Sebi had also received whistleblower complaints against NSE’s colocation (colo) facility. The complaint said that the exchange was granting unfair access to certain brokers and alleged scam worth thousands of crores of rupees.

The latest questioning was done on the basis of a first information report (FIR) filed by the CBI on May 28, 2018 in the co-location (colo) matter. The four-year old FIR was primarily against Sanjay Gupta of OPG Securities, a broking outfit alleged to have got unfair access to NSE's colo facilities.

The FIR also named unknown officials of the NSE for their role in the colo controversy. Market observers say the arrest by the CBI is on account of pressure on the central agency to crack down on the case. While Sebi has been criticised for delay in passing the order in the Ramkrishna matter, CBI too had taken little action after filing the FIR nearly four years ago.

The Central Bureau of Investigation (CBI) probing the NSE fraud has been making efforts to find fresh clues to reach the mysterious Himalayan Yogi, with whom the classified informations were shared by Ramakrishna.

It was learnt in the forensic report of Ernst & Young (E&Y) that Subramanian could be the mysterious Yogi. The SEBI had, on February 11, denied it.

The CBI is trying to corroborate the evidence it collected with the questioning of Subramanian.

It is probing the matter since May 2018 but has failed to find any concrete evidence to identify the mysterious Himalayan Yogi.

Recently, the SEBI had imposed a fine of Rs 3 crore on Ramakrishna, following the market regulator finding that she allegedly shared vital inputs about the NSE with the yogi. "Information regarding organisational structure, dividend scenario, financial results, human resource policies and related issues, response to regulator, etc., were shared by her with the yogi," said the source. Between 2014 and 2016 she sent emails at

On April 1, 2013, Ramakrishna became the CEO and MD of NSE. She brought Subramanian to NSE as her advisor in 2013.

Subramanian was made the Chief Strategic Advisor of NSE. He served at this post between 2013 and 2015 before being made Group Operations Officer and Advisor to the MD between 2015 and 2016, despite having no exposure to the capital market.

Previously working as a mid-level manager in Balmer and Lawrie, he had seen his salary increased from Rs 15 lakh to Rs 1.68 crore annually, and then to Rs 4.21 crore.

Subramanian quit NSE in October 2016 and Ramakrishna in December 2016. The CBI swung into action in the case in 2018 and has been probing the matter since then.

Russia declares ceasefire in 2 Ukrainian cities to let civilians evacuate

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The Russian defence ministry said its units had opened humanitarian corridors near the cities of Mariupol and Volnovakha, which were encircled by its troops


said its forces had stopped firing near two Ukrainian cities on Saturday to allow safe passage to civilians fleeing fighting, but was continuing its broad offensive in Ukraine, where the capital Kyiv came under renewed assault.

The Russian defence ministry said its units had opened humanitarian corridors near the cities of Mariupol and Volnovakha which were encircled by its troops, Russia's RIA news agency reported.

In Mariupol, citizens would be allowed to leave during a five-hour window, it quoted the city's officials as saying.

There was no immediate confirmation that firing had stopped and it was not clear if the ceasefire would be extended to other areas, or how long it would last, as Russia's invasion of entered into its tenth day.

The Russian defence ministry said a broad offensive would continue in Ukraine, RIA said.

Aid agencies have warned of an unfolding humanitarian disaster as food, water and medical supplies run short and refugees stream into western and neighbouring European countries.

A Ukrainian negotiator had said on Thursday that a second round of ceasefire talks with had not yielded the results Kyiv hoped for, but both sides had reached an understanding on creating humanitarian corridors. Mykhailo Podolyak said the two sides envisaged a possible temporary ceasefire in some areas to allow evacuations of citizens.

In the southeastern port city of Mariupol - a key prize - there is no water, heat or electricity and food is running out, according to Mayor Vadym Boychenko.

"We are simply being destroyed," he said.

Ukraine's state service of special communications and protection of information says Russian forces have focussed efforts on encircling Kyiv and Kharkiv, the second-biggest city, while aiming to establish a land bridge to Crimea.

Kyiv, in the path of a Russian armoured column that has been stalled outside the Ukrainian capital for days, was again under attack, with explosions audible from the city centre.

Ukrainian media outlet Suspilne cited authorities in Sumy, about 300 km (190 miles) east of Kyiv, as saying that there is a risk of fighting in the city's streets, urging residents to stay in shelters.

President Vladimir Putin's actions have drawn almost universal condemnation, and many countries have imposed heavy sanctions as the West balances punishment with avoiding a widening of the conflict.


Russia's parliament passed a law on Friday imposing a prison term of up to 15 years for spreading intentionally "fake" news about the military.

"This law will force punishment - and very tough punishment - on those who lied and made statements which discredited our armed forces," said Vyacheslav Volodin, the chairman of the Duma, Russia's lower house of parliament.

is blocking Facebook for restricting state-backed channels and the websites of the BBC, Deutsche Welle and Voice of America.

CNN and CBS News said they would stop broadcasting in Russia, and other outlets removed Russian-based journalists' bylines as they assessed the situation.


Ukrainian President Volodymyr Zelensky is expected to press Washington for more help in a Zoom call with the full US Senate at 9:30 a.m. ET (1430 GMT) on Saturday.

The United States is weighing cuts to imports of Russian oil and ways to minimise the impact on global supplies and consumers as lawmakers fast-track a bill that would ban Russian energy imports. Global oil prices surged over 20% this week on fears of supply shortages, posing a risk to global economic growth.

At a meeting on Friday, NATO allies rejected Ukraine's appeal for no-fly zones, saying they were increasing support but that stepping in directly could make the situation worse.

"We have a responsibility ... to prevent this war from escalating beyond because that would be even more dangerous, more devastating and would cause even more human suffering," said NATO Secretary-General Jens Stoltenberg.

Zelenskiy slammed the summit as "weak" and "confused." "It was clear that not everyone considers the battle for Europe's freedom to be the number one goal," he said.

More EU sanctions were coming, potentially including a ban on Russian-flagged ships in European ports and blocking imports of steel, timber, aluminium or coal, said Irish Foreign Minister Simon Coveney.

Ukraine's military said in a statement on Saturday that armed forces "are fighting fiercely to liberate Ukrainian cities from Russian occupiers," counterattacking in some areas and disrupting communications.

"Units of the invaders are demoralized, soldiers and officers of the occupying army continue to surrender, flee, leaving weapons and equipment on Ukrainian soil," it said, adding that at least 39 Russian plans and 40 helicopters had been destroyed. Reuters has not been able to independently verify such accounts.

Thousands of people waited for hours on Friday outside the railway station at the western city of Lviv to board trains heading to Poland. Families arrived with few belongings. Some were in wheelchairs, accompanied by pet dogs and cats, uncertain about their fate.

"All we took with us is the bare necessities," said Yana Tebyakina. "A change of clothes. That's it. All the rest we left behind, all our lives stayed back at home." Russian forces have made their biggest advances in the south, where they captured their first sizeable Ukrainian city, Kherson, this week. Bombing has worsened in recent days in the northeast cities of Kharkiv and Chernihiv.

NMC allows foreign medical graduates to complete internship in India

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IMA has recommended that all evacuated medical students who are Indian citizens to be "adjusted as a one time measure in existing medical schools" in India for the remainder of their MBBS course.

Medical college

Amid concerns over the fate of foreign medical graduates (FMGs), who have returned to India from Ukraine, the National Medical Commission (NMC) on Friday allowed them to complete their internship or practical training in Indian medical colleges.

Allowing FMGs to pursue their internship in India, NMC stated that those foreign medical graduates who did not fall under NMC's Foreign Medical Graduate Licentiate Regulations were governed by provisions under the erstwhile Indian Medical Council Act 1956. The provisions of sub-section (3) of section 13 of IMC Act required such FMGs to complete internship in India if they have not undergone any practical training in the foreign country where they were studying.

However, NMC has now acknowledged the impact of Russian invasion on Ukraine on FMGs' future especially in terms of incomplete internship or practical training in medicine.

"It has further been observed that there are also some FMGs with incomplete internships due to such compelling situations which are beyond their control such as the Covid-19 pandemic and war. Considering the agony and stress faced by these FMGs, their application to complete the remaining part of

internship in India is considered eligible," the NMC circular read.

The commission acknowledged that FMGs were facing hardship in getting themselves registered in some of the state medical councils after publication of Foreign Medical Graduates Licentiate Regulations 2021 and Compulsory Rotatory Medical Internship Regulations 2021 by NMC.

The Friday circular maintained that the provisions were now not applicable for FMGs who had acquired a foreign medical degree or primary qualification before November 18, 2021, candidates who had joined undergraduate medical in foreign colleges before November 18, 2021 as well as those specifically exempted by the union government.

NMC has now asked state medical councils to process completion of internship of these candidates provided they have cleared the foreign medical graduate examination (FMGE). NMC has also directed the state councils to ensure that no fee was charged by from the FMGs for permitting them to do their internship even as the stipend and other facilities to these candidates were to be equivalent to Indian counterparts being trained at government 

NMC also issued guidelines for state medical councils for allowing FMGs to undergo internship such as ensuring that the latter's medical qualification or degree was registerable to practice in their respective foreign country in which the degree was awarded. Other guidelines to the state medical councils included restricting the duration of internship to either 12 months or balance period while restricting the maximum quota for allocation of internship to FMGs to additional 7.5 per cent of total permitted seats in a medical college.

Meanwhile, in its representation to Prime Minister Narendra Modi on behalf of FMGs who returned to India from Ukraine, the Indian Medical Association (IMA) has recommended that all evacuated medical students who are Indian citizens to be "adjusted as a one time measure in existing medical schools" in India for the remainder of their course.

IMA has recommended that such onetime adjustment may not be taken as an increase in annual intake capacity among these Indian medical colleges.

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