As the investigation on the NSE co-location scam is going on, a Delhi court slammed the Central Bureau of Investigation for its slow-paced investigation process.
Special Judge Sanjeev Aggarwal said to CBI that they should take this investigation seriously as this is not a small scam. “What is the magnitude of this case? Rs 1,000 crore? I don’t know. The volume will be big. It is not a small scam. The reputation of the country is at stake. People invest their money in India. They think the NSE is fair. If they come to know that something fishy is going on, who will invest money? You are taking this investigation very lightly,” said Judge Sanjeev Aggarwal.
The court also criticized the market regulator SEBI for its carelessness.”What about the role of the SEBI? It is a capital market watchdog. Does it only growl or can it bite also?”
It is to be noted that the misuse of the CEO’s post by a mysterious yogi was going on since 2013. The main accused in the case former NSE CEO Chitra Ramakrishna & group operating officer Anand Subramanian (mysterious yogi) are currently under the custody of CBI.
NSE handles over 49 crore transactions per day which are worth a daily avg turnover of Rs 64,000 crore. NSE had earlier stated that many structural reforms have been made in these past few years to avoid such scams again.
