The income tax department searched a total of 27 premises of stockbrokers and former and current NSE officials in the algo-trading case. The income tax department in Delhi and its Mumbai arm conducted searches of the premise of stockbrokers and former and current officials of NSE in connection with the controversy, two income tax officials said, requesting anonymity. The former and current NSE officials were raided to determine whether there are unexplained or unreported assets or wealth that were acquired as gratification for providing preferential access. According to two people with direct knowledge of the matter, both the audits have given a clean chit to NSE and its officials. ISB’s study on whether brokers had made abnormal gains or whether some NSE officials were in collusion with the brokers was inconclusive, said the second person.

Source: Mint November 16, 2017 17:03 UTC