Sebi initiates adjudication against NSE, others in co-location case
Markets regulator Sebi Wednesday said it has initiated adjudication proceedings against NSE as well as around 30 entities in the exchange's co-location matter.
Besides, the markets watchdog wants to expedite the high-profile NSEL case, Sebi Chairman Ajay Tyagi told reporters here after its board meeting.
The Securities and Exchange Board of India (Sebi) has been probing the alleged lapses in high-frequency trading offered through NSE's co-location facility. It is also investigating whether some brokers had unfair access to the exchange's co-location facility.
The facility allows low latency and fast execution to trading members. This setup of server gives a 10:1 speed advantage in comparison to other brokers.
"Adjudication has started against 28 to 30 individuals and institutions apart from the NSE. We are applying the principles of natural justice in each case. We are trying to expedite the cases," said Tyagi.
With regard to NSEL, the Sebi chief said, "It is an an adjudication case, so we want to expedite".
"It is not a case to delay it. But there are issues like natural justice being followed, not followed and documents which various parties want to look at. In all fairness they should be allowed. This processes which are taking time. We are fully equipped to deal with it as quickly as possible," he added.
The case pertains to the Rs 5,600-crore payment crisis at the National Spot Exchange Limited (NSEL).
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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