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Algo trade case: Sebi returns NSE's settlement plea

Press Trust of India  |  New Delhi 

Leading stock exchange NSE today said markets regulator Sebi has returned its consent application in a high-profile probe into the co-location issue due to ongoing investigations in the case.

The exchange had filed the settlement application with the (Sebi) in July last year.

It had sought a settlement with the regulator in connection with a probe relating to allegations of unfair access to its high to some brokers.

The National Stock Exchange (NSE) said it can file the consent application after the completion of the investigations and it intends to do the same in due course.

The bourse said it is committed to resolving the regulatory issues expeditiously.

A consent settlement allows entities to settle charges by paying a penalty without admission or denial of guilt.

According to regulatory sources, Sebi has returned NSE's settlement plea as the probe is at critical position with regard to brokers and former senior executives of the exchange.

The exchange'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.

"The timeline for the IPO is dependent on the resolution of the regulatory matters with Sebi and we are hopeful we will be able to do the IPO in fiscal 2019," NSE said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 08 2018. 17:45 IST