This meeting will held on 7 June to discuss and decide the future course of action in the co-location issue and show cause notice issued by the Securities and Exchange Board of India (SEBI) beside mulling the legal options, the members also discuss the legal framework pertaining to its road map.
NSE may discuss particular of the report during the meeting As Ernst and Young was expected to submit the forensic report to the market regulator in the last week of May, which is based on cash and currency segment to the board.
On Thursday, Vice chairman Ravi Narain resigned and NSE receives SEBI’s show cause notice after this first time the board will meet for discussion. Marian was part of the NSE founding team in the early 90s, The notice was sent to senior official includes Narain, former managing Director Chitra Ramakrishna and former Group Operating Officer Anand Subramanian. Ramakrishna and Subramanian quit in 2016.
The whistleblower was exposed and wrote to the SEBI about how some trading members were profiting from a preferential access to price feeds being disseminated by the exchange server that’s why the violations in co-location trading (algo-trading in market parlance) happened between 2010 and 2015.
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