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NSE officials suppressed information about few brokerages in co-location case
SEBI’s preliminary findings of the CFT on a complaint pertaining to the co-location case revealed that the exchange did not divulge that more than eight IPs were procured by OPG in January 2012, some of which were used by entities other than OPG.
In a key development in the National Stock Exchange (NSE) co-location case, the Securities and Exchange Board of India (SEBI) has found many instances where a few trading members had been caught out misusing the secondary server, but not reprimanded by the exchange, documents in possession of Moneycontrol state.
The secondary server is a backup server and to be used only when there is a problem with the primary server. Since the load on the secondary server is less, brokers logging in on the secondary server can access the price feeds faster than those trading members who log in on the primary server.
NSE officials had met up with the representatives of these broking firms between 2012 and 2016, but they did not warn the broking firms to stop misusing the secondary server. Moreover, the NSE’s standing committee denied the allegations despite the SEBI-appointed technical advisory committee (TAC) and cross-functional team (CFT) pointing out that certain information was deliberately not shared by NSE like the number of internet protocol (IP) addresses being used by the broking firms.source-www.moneycontrol.com
According to SEBI investigation, Kokrady claimed that he had written to an NSE official in which he mentioned that he met Narain a week earlier and discussed that the production rollout calendar be planned and well communicated and raised concerns about the variation of tick-by-tick (TBT) arrival rates.
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