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High-frequency misadventure

DNMUM436266 | 5/13/2019 | Author : Soumonty Kanungo | WC :1483

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National Stock Exchange was fined an unprecedented Rs 624 crore by the Securities and Exchange Board of India in the co-location case for giving preferential access to certain brokers. While the capital markets regulator did not find the leading bourse of the country guilty of any fraud, the order is a warning to market players that such lapses will not be tolerated
THE BIG STORY
It took almost five years for the market regulator, the Securities and Exchange Board of India (Sebi), to bring a conclusion the in infamous co-location case of National Stock Exchange (NSE), with the final judgement passed on April 30, 2019, in voluminous five series orders.
Interestingly, after multiple years of investigations and a number of forensic audits, the regulator could not find NSE guilty of any fraudulent activities or unfair trade practices, though a penalty of around Rs 1,100 crore, including interests for five years, has been imposed on the exchange.
In Sebi’s own words, “In the absence of any evidence leading to the culpability of any specific employee of NSE or the collusion or connivance from the side of NSE wi
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