New Delhi, Sept. 23 -- The Delhi High Court on Wednesday turned down an appeal from the Central Bureau of Investigation (CBI) seeking to overturn a lower court's decision to grant bail to Chitra Ramkrishna, the former managing director of the National Stock Exchange (NSE). The ruling was delivered by Justice Madhu Jain.

The matter stems from accusations that phone calls belonging to NSE staff were unlawfully intercepted over an eight-year period, spanning 2009 to 2017.

Investigators allege that Ramkrishna acted in coordination with three other senior figures at the exchange - former CEO Ravi Narain, Executive Vice-President Ravi Varanasi, and Mahesh Haldipur, who headed the premises department. The CBI's case holds that this group hired...