Active Stocks
Tue Mar 19 2024 14:21:04
  1. Tata Consultancy Services share price
  2. 3,980.00 -3.97%
  1. Tata Steel share price
  2. 149.15 -0.30%
  1. Bharti Airtel share price
  2. 1,232.80 0.63%
  1. Power Grid Corporation Of India share price
  2. 259.50 -2.08%
  1. ITC share price
  2. 409.45 -1.90%
Business News/ Markets / Stock Markets/  NSE co-location scam: CBI may expand scope of probe beyond FIR
BackBack

NSE co-location scam: CBI may expand scope of probe beyond FIR

The Delhi High Court had directed the CBI to submit a status report on May 22 on its investigation
  • A PIL contended that by abusing its market position, the NSE helped deviant brokers and politicians make alleged illegal gains
  • (Photo: Ramesh Pathania/Mint)Premium
    (Photo: Ramesh Pathania/Mint)

    New Delhi: The Central Bureau of Investigation (CBI) in a status report on the NSE co-location scam, informed the Delhi High Court on Wednesday that its investigation was not restricted to the FIR which was initially registered.

    The CBI said that in case any fact emerges that the "NSE/SEBI/Department/Ministry or any private person/public servant irrespective of office he was holding during the relevant period, if found part of conspiracy", that particular individual or entity will be investigated in accordance with the law.

    Therefore, the CBI has come on record that the scope of the investigation can possibly go beyond the FIR in order to unearth the larger conspiracy in the scam.

    Earlier, the Delhi High Court had directed the CBI to submit a status report on May 22 on its investigation.

    A PIL filed by petitioner Shantanu Guha Ray, represented by senior advocate Mahesh Jethmalani, contended that abusing its market position, the NSE helped deviant brokers and politicians make alleged illegal gains, risking the institutional set-up of exchanges.

    The petition also alleged that SEBI failed to take stringent action against such errant brokers from the NSE, it's own officers who were involved and other culpable persons.

    The scam basically alleges market manipulation at the NSE. It has been alleged that only a few select players got access to the market-price information, before anybody else could.

    This helped the deviant brokers to make wrongful gains, which allegedly ran into thousands of crores of rupees.


    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

    Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
    More Less
    Published: 22 May 2019, 04:17 PM IST
    Next Story footLogo
    Recommended For You
    GENIE RECOMMENDS

    Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

    Let’s get started
    Switch to the Mint app for fast and personalized news - Get App

    Chat with MintGenie