The Madras High Court has issued notices to Sebi’s Whole-Time Member SK Mohanty and Central Vigilance Commission (CVC) in connection with the NSE co-location scam on a petition filed by Chennai Financial Markets Accountability (CFMA). The Chennai-based group filed a public interest litigation (PIL) against Sebi’s order in the scam. CFMA accused Mohanty of intentionally misdirecting and derailing the investigation into the NSE co-location scam. Mohanty oversaw the scam, which was related to the alleged improper dissemination of information from the computer servers of the market exchanges to the stock brokers. The CVC is empowered to inquire into offences alleged to have been committed under the Prevention of Corruption Act, 1988, by certain categories of public servants. In a statement, CFMA President Manoj Sheth said the Madras High Court order to issue notices to Mohanty and the CVC will accelerate the investigation into Mohanty’s misdeeds and would lead to maintaining healthy financial condition for investors.
Madras High Court Serves Notice to Sebi Official and CVC over PIL in NSE Co-location Controversy
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