Algo trading case: Sebi not keen on NSE settlement plea

Markets regulator Sebi is believed to have returned NSE's settlement plea on a high-profile probe into the co-location issue as the probe is at critical position with regard to brokers and former senior executives of the exchange.
The National Stock Exchange (NSE) had filed the application with the Securities and Exchange Board of India (Sebi) last year.
It had sought a settlement with the regulator in connection with a probe relating to allegations of unfair access to its high frequency trading systems to some brokers.
A consent settlement allows entities to settle charges by paying a penalty without admission or denial of guilt.

"Sebi doesn't appear keen to agree to a settlement plea filed by NSE at the moment as the probe is at a critical position with regard to the role of several people including brokers and some people having held senior positions at the exchange in the past," a regulatory official said.
The queries sent to the National Stock Exchange (NSE) on the status of the settlement plea remained unanswered.
The bourse's Rs 10,000 crore initial public offer has been delayed because of probe in the co-location matter and the regulator had earlier issued show cause notices to several individuals and the exchange, while the role of some brokers is also being probed.