Chitra Ramakrishna, former managing director and chief executive officer of the National Stock Exchange (file photo).

A Delhi court will hear on December 7 the bail applications of former NSE chief Chitra Ramakrishna and former Mumbai police commissioner Sanjay Pandey in a corruption case related to alleged snooping and phone tapping of National Stock Exchange (NSE) employees.

Special Judge Sunaina Sharma deferred the hearing on the bail applications of both Ramakrishna and Pandey, accepting the submission of the counsel for challenging the rejection of their bail pleas in a money laundering case related to the case. The petition is pending before the Delhi High Court.

The Enforcement Directorate (ED) is probing this money laundering case.

The Delhi High Court has reserved its verdict on the bail applications of Ramakrishna and Pandey in this case.

In the order issued on November 30, the court said, "In view of the request, the bail applications of the accused be listed for hearing on December 7."

Both the accused are currently in judicial custody.

Justice Sharma directed the Superintendent of Tihar Jail to present Pandey in person before the court on the next date of hearing as he himself would argue his bail application.

According to the Central Bureau of Investigation (CBI), two former officials of the National Stock Exchange, Chitra Ramakrishna and Ravi Narayan, had hired the services of a private company to illegally monitor NSE employees.

Narayan is a co-accused in this case.

The CBI and the ED allege that through espionage, the two former NSE officials wanted to know whether the employees were discussing or leaking information related to the exchange.

Investigating agencies allege that ISec Services, a company set up by Pandey, got a contract worth Rs 4.45 crore for spying on NSE employees.

The alleged snooping was carried out between 2009 and 2017 when the co-location scam related to stock market manipulation took place.

The NSE was later accused of disposing of spy hardware as e-waste.

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