The petition stated that the NSE violated the fundamental objective in the process, and thereby gave illegal preferential access to certain trade members to access NSE trade data at the cost of the entire securities market. According to the PIL, Sebi did not take any effective steps to unearth the scam, "one of the biggest financial frauds ever taken place". "We state that the NSE colo scam have tarnished the reputation of a major market infrastructure institution and severely challenged the integrity of the securities market. "Surprisingly this was not done by the 1st respondent Sebi at all," it said. It also noted a slow progress in the CBI investigation the NSE co-location scam.

Source: Mint October 10, 2019 10:41 UTC