Khushi Bajpai
Published on: July 19 ,2022 at 17:42 IST
Between 2012and 2014, several Indian stock brokers received preferential access to servers used for high-frequency and also trading at the National Stock Exchange (NSE).
The word “Co-location” has been used which means used for facilities that are dedicated spaces for high-frequency and also trading -sent ripples throughout India’s financial system , leading to a probe by market regulator SEBI in 2016 and then eventually a case filed by the central bureau of investigation.
The market regulator has fined the NSE and former top executives Ravi Narain and Chitra Ramakrishna in the last five years while issuing various orders in the co-location fraud against top NSE officials.
The investigation team now summons Dalal for questioning, four years after the CBI filed its FIR. Her statement, which is included in full below, demonstrates that the CBI is interested in Sanjay Pandey, the former Mumbai police commissioner, in addition to her as the source for the original co-location scam narrative. The former top police officer is currently embroiled in a case that stems from the purported phone tapping of several NSE officials between 2009 and 2017.
For the records NSE had filed a Rs 100 crore defamation case against Sucheta Dalal and money life which they withdrew after paying Rs 50lakh as ordered by the court. Subsequently SEBI’s long drawn investigation has repeatedly proven wrong doing at the NSE after multiple investigations.
The writer introduced Mr.Pandey to Mr.narain . he told them that he have no such recollection. I believe that Mr.Narain has made this allegation.
The writer is using this statement since one media house has written to ask me questions about the meeting with CBI. The writer intrigued that questions are being raised by the medium about the journalist who actually broke multiple scams over the years, including to co-location scam. The writer is always happy to cooperate with all with any investigation as he had done for all many decades as a journalist.