 "Revenue")
Four days before National Stock Exchange (NSE) managing director Chitra Ramkrishna quit on December 2, the exchange received an important letter from the market regulator. It had some good news and some bad news.
The Securities and Exchange Board of India (Sebi) had extended the deadline to submit the forensic audit report of Deloitte on the alleged misuse of its co-location facility, which allows brokers to locate their servers close to the exchange’s server in order to reduce latency, and algorithmic trading facilities. But it was unhappy that the exchange’s management was not following its earlier directive in full.
The Securities and Exchange Board of India (Sebi) had extended the deadline to submit the forensic audit report of Deloitte on the alleged misuse of its co-location facility, which allows brokers to locate their servers close to the exchange’s server in order to reduce latency, and algorithmic trading facilities. But it was unhappy that the exchange’s management was not following its earlier directive in full.
