NSE co-location: EY, ISB audits fail to cut ice with Sebi panel

Sources say the audit report has not found any individual involvement or human fault in the case

The Securities and Exchange Board of India’s (Sebi’s) technical advisory committee is not satisfied with the forensic report findings submitted by the National Stock Exchange (NSE) on co-location, said a regulatory official.

According to him, Sebi’s expert panel is of the view that the report findings are not matching with the evidences gathered by them. The panel has submitted their views to the market watchdog and has called for an independent probe.

In November 2017, the NSE had submitted two separate audit reports to Sebi, prepared by EY and the Indian School of Business (ISB), Hyderabad, relating to the co-location