New Delhi, July 9 -- Observing that recognised stock exchanges perform "very vital economic functions in the public interest" and "are not ordinary commercial ventures", the Delhi High Court on Thursday dismissed former National Stock Exchange (NSE) Managing Director and CEO Chitra Ramkrishna's challenge to the constitutional validity of provisions of the Prevention of Corruption Act (PC Act) under which she is being prosecuted in the NSE co-location case.

A Division Bench of Justice Navin Chawla and Justice Ravinder Dudeja held that Sections 2(c)(viii) and 2(b) of the Prevention of Corruption Act, which deal with the definition of "public servant" and "public duty", are neither vague nor unconstitutional. The Court ruled that the provis...