Justice Madhu Jain dismissed the CBI's plea, upholding the trial court's December 22, 2022 order that had released Ramkrishna on bail.
The bail is tied to a criminal investigation in which the CBI alleges that Ramkrishna and other senior NSE officials conspired with iSec Private Limited to defraud the exchange and its employees.
According to the FIR, iSec was hired to illegally intercept telephone conversations of NSE staff as part of the alleged scheme, a charge the former executive has denied.
Ramkrishna joined the NSE in 2009 as Joint Managing Director, a post she held until March 31, 2013, before being elevated to Managing Director and CEO on April 1, 2013, a position she retained until December 2016.
By refusing to revoke the bail, the High Court ensures that Ramkrishna remains free pending further judicial proceedings, though the investigation and trial continue.