The Delhi High Court on Wednesday dismissed the Central Bureau of Investigation’s (CBI’s) challenge to the bail granted to former National Stock Exchange (NSE) managing director Chitra Ramkrishna in the alleged phone interception case.

The case concerns allegations that telephone conversations of NSE employees were unlawfully intercepted between 2009 and 2017.

The CBI has alleged that Ramkrishna, along with former NSE chief executive officer Ravi Narain, executive vice-president Ravi Varanasi and head of premises Mahesh Haldipur, engaged iSEC Services to monitor and intercept employees’ telephone calls.

According to the investigating agency, the interceptions were carried out under the purported pretext of conducting periodic cybersecurity vulnerability assessments at the stock exchange.

Ramkrishna was granted bail by the trial court in December 2022. The CBI subsequently approached the Delhi High Court seeking to overturn the order.

The agency’s case centres on allegations that the accused had arranged for the telephone communications of NSE employees to be intercepted through the external agency.

The High Court’s latest order rejects the CBI’s challenge to the trial court’s decision to release Ramkrishna on bail.