NSE Algo Scam: Action Has Started against NSE, Officials & Brokers, Says Official
Based on the forensic audit reports in the algo scam, enforcement proceedings have been initiated against the National Stock Exchange (NSE), its past and present officials, stock brokers and other connected entities, says the ministry of finance.
Subhash Chandra Garg, secretary in the department of economic affairs under the ministry, while replying to a letter from Bharatiya Janata Party (BJP)'s member of Parliament (MP) Dr Kirit Somaiya, stated, "The investigation in the matter, taking into account the findings made in the forensic audit reports and other available facts, has since been completed. Based on the findings of the investigation, enforcement proceedings have been initiated against the NSE, the former and present officials, stock brokers, their directors, employees and other connected entities and individuals for violation of provisions of SEBI (Prohibition of Fraudulent and Unfair Trade Practices Relating to Securities Market) Regulations 2003, SEBI (Stock Exchange and Clearing Corp) Regulations 2012 and various circulars and direction issued under SEBI Act, 1992."
In his several letters, Dr Somaiya, the MP, has been asking for information...