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NSE Scam: CBI to investigate role of SEBI officials in 2016-19 NSE Scam

NSE Scam: CBI to investigate role of SEBI officials in 2016-19

India Blooms News Service | @indiablooms | 18 Mar 2022, 04:49 pm

Mumbai: The Central Bureau of Investigation (CBI) is investigating the role of the officials of market regulator SEBI who served during 2016-19 when alleged governance lapses and a series of irregularities in the NSE occurred, media reports said.

“CBI feels that they are accomplices in the case,” a source was quoted as saying by Moneycontrol. “They never reported this matter anywhere and nowhere did it find mention in any vigilance records.”

“It was deliberately hidden. They should have informed their nodal ministry about these developments,” the report quoted another person as saying.

The NSE colocation case is related to multiple events that took place one after the other where some private individuals and unknown NSE and SEBI officials were accused of preferential access to the NSE's server architecture and misuse of the colocation facility.

The scam came to light after a whistleblower wrote to the market regulator in January 2015, detailing the flaws in the NSE’s colocation system, and the way in which some brokers had used those loopholes in connivance with some officials of the NSE.

Subramanian was the chief strategic advisor from April 1, 2013 before he was re-designated from April 1, 2015 until October 21, 2016.

Ramkrishna was the CEO and Managing Director of the National Stock Exchange from 2013 to 2016 before she quit citing "personal reasons".

She is under probe for an alleged "glaring breach" of regulations involving sharing confidential financial data with a 'yogi' living in the Himalayas.

The 'tick by tick' case was registered against OPG Securities; its Managing Director, Sanjay Gupta; Ajay Shah, who helped develop the software.

It also booked unknown officials from the NSE and regulatory body SEBI for alleged stock market manipulation from 2010 to 2014.

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