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...
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Algo Scam: SEBI Asks NSE's 5 Officials, Including Ravi Varanasi, To Stay Out of Action
Market regulator Securities and Exchange Board of India (SEBI) has reportedly asked five top officials from National Stock Exchange (NSE) to 'stay out of action' in the co-location or Algo trading scam. These officials include Ravi Varanasi, NSE's chief of business development, Suprabhat Lala, senior vice-president for regulatory and investor services cell, SRVS Nagendra Kumar, chief business officer for debt, Deviprasad Singh, vice president and head for IT and Mahesh Soparkar, vice president of special projects at the Exchange.
 
Quoting an official from SEBI, a report from Busines Standard, says, “These key management personnel (KMP) have also been directed to recuse themselves from key decisions of the NSE. Further, they have been told not to participate in any of the core activities.” 
 
"People with knowledge of the matter say SEBI’s directive has come after the Central Bureau of Investigation (CBI) intervened and filed a first information report against SEBI officials and others in the colo case. CBI is probing a complaint of abuse of the tick-by-tick architecture of the NSE server. It is alleged that exchange employees may have deleted important...
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COMMENTS

jaideep shirali

1 week ago

Allowing entities like NSE to file consent applications is a mockery of justice. As it is SEBI is closing the stable door after the horses have bolted. NSE should firstly be made to postpone its IPO till all investigation is complete. When an institution like NSE is as crooked as some of its brokers, the least SEBI can do is clean up the mess conclusively.

Ravindra Shetye

1 week ago

I think this is a fit case for a suo moto investigation by none other than the Supreme Court. I believe in some way this needs to be brought to the notice of Supreme Court.

NDTV's Prannoy Roy and His Wife Radhika Get SEBI Notice for Insider Trading
Market regulator Securities and Exchange Board of India (SEBI) has issued a show-cause notice to Dr Prannoy Roy and his wife Radhika, both promoters of New Delhi Television Ltd (NDTV) for alleged insider trading. 
 
In a regulatory filing, NDTV says, "This to inform you that Dr Prannoy Roy and Ms Radhika Roy, the promoters of NDTV, have informed the Company that on 10 September 2018, they have received a show cause notice (SCN) dated 31 August 2018, issued under Sections 11(1), 11(4) and 113 of the Securities and Exchange Board of India Act, 1992 (SEBI Act) by SEBI, alleging violation, inter—alia, of provisions of Section 12A (d) and (e) of SEBI Act read with Regulation 3(i) and Regulation 4 of SEBI (Prohibition of Insider Trading) Regulations, 1992." 
 
"The Promoters of NDTV are in the process of seeking legal advice to take appropriate action in the said matter. Since the Company is not a party to the SCN, there will not be any financial implications of the SCN on the Company," NDTV added.
 
NDTV closed Tuesday 3% down at Rs34.30 on the BSE (Bombay Stock Exchange), while the 30-share Sensex ended the day 1.34% down at...
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COMMENTS

Sreepathid

2 weeks ago

Drama going on for a long time. the soap opera is going to continue.

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