Sebi panel gives report on NSE algo lapses

A whistleblower had alleged irregularities in the exchange's high frequency trading and co-location systems

A Technical Advisory Committee (TAC) of the Securities and Exchange Board of India (Sebi) has given a report after examining issues raised by a whistle-blower on the algorithmic and high frequency trading systems of the National Stock Exchange (NSE).

The report is critical of some aspects of the systems. Ashok Jhunjhunwala, chairman of the TAC and a professor at the Indian Institute of Technology in Chennai, said: "We have done what we needed to. You have to check with Sebi."

An e-mail seeking comments, sent to the Sebi spokesperson on Thursday, did not elicit a response.

A second person directly involved described the report as "hard hitting." He said it was with the Sebi chairman. An NSE spokesperson did not offer any comment.