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In the high-profile NSE co-location case, markets regulator SEBI wants its forensic audit to quantify unlawful gains made by some brokers, allegedly in connivance with the exchange’s officials, which may put in limbo a settlement plea proposed by the bourse.
There is a strong view within SEBI (Securities and Exchange Board of India) that settlement should not be considered at the moment as the case relates to a top market infrastructure institution and its outcome may have a significant impact on investor sentiments about the regulatory framework in India, a top official said.
When contacted, a spokesperson for the NSE (National Stock Exchange) declined to comment on the status of the settlement plea, saying the bourse would not want to say anything on a matter between the exchange and the regulator.
Regulatory sources maintained, however, that any settlement is unlikely at this juncture as the case is under the scanner of various regulators.
They said SEBI has already decided to get an independent forensic audit done to quantify the alleged unlawful gains made by some brokers.
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