The Supreme Court on Tuesday declined to interfere with the Delhi High Court’s decision refusing to quash former National Stock Exchange (NSE) Managing Director and CEO Chitra Ramkrishna’s challenge to her prosecution under the Prevention of Corruption Act, 1988.

A Bench of Justice JB Pardiwala and Justice K. Vinod Chandran held that Ramkrishna’s contention that she could not be treated as a “public servant” merely because NSE is a private/non-government entity can be raised before the trial court. The Bench said the issue should be decided on its merits during the trial.

Ramkrishna had approached the Supreme Court after the Delhi High Court, in July 2026, rejected her challenge to Sections 2(b) and 2(c)(viii) of the PC Act. Section 2(b) concerns the meaning of “public duty”, while Section 2(c)(viii) covers a person holding an office by virtue of which they are authorised or required to perform such a duty. The High Court had also declined to interfere with the sanction for her prosecution. Ramkrishna had challenged the sanction orders issued by the NSE Board as well as the Special Court’s order taking cognisance of the CBI chargesheet.

The prosecution arises from the CBI’s case concerning alleged irregularities at NSE, including allegations relating to the appointment and remuneration of former Group Operating Officer Anand Subramanian and the wider co-location matter. The CBI has alleged that Subramanian was involved in a conspiracy that caused undue advantage to certain trading members/brokers.