MUMBAI: The board of the countrys biggest stock market NSE has given its nod to the CBI to prosecute two of its former MDs - Ravi Narain and Chitra Ramakrishna - relating to their function in misuse of the bourses trading mechanism.

The NSE, headed by retired bureaucrat GC Chaturvedi, provided the approval after getting legal viewpoint during last weeks board conference, sources stated.

The CBI had asked for the permission from the board to prosecute these officials in mid-2022.

Last year, both Narain and Ramakrishna were arrested by the CBI for their function in a case for which an FIR was registered in 2018.

According to court documents relating to Ramakrishnas bail from Delhi high court (September 2022), the CBI had actually alleged that Sanjay Gupta of OPG Securities was the main accused in manipulating the NSEs co-location (co-lo) facility to profit utilizing unlawful techniques, consisting of bribing NSE officials.While investigating the case, the CBI had arrested Narain, Ramakrishna, Gupta, among others, mainly in 2022.

All those individuals are out on bail.

On Monday, it was reported that the CBIs plea at the SC to decline Ramakrishnas bail, offered earlier by Delhi HC, was denied by the pinnacle court.

An NSE spokesperson decreased to comment.

The CBI used up the probe as the case had a serious bearing on the integrity of the NSE, court papers noted.