Sebi had sought comments from NSE’s board on this matter as the period of investigation assigned to the forensic auditor was 2010-15. “The probe (by Sebi) has gathered significant pace in the last couple of months and a conclusive action should be expected soon,” the official added. “Processes are being followed (regarding the co-location probe) and closure is expected soon,” an official familiar with the top management’s thinking said. On complaints relating to Narain, these officials said there was no ‘conflict of interest’ and the entire process was supervised and monitored at multiple levels, including by the entire board and the market regulator Sebi itself. The forensic auditor had also flagged non-cooperation of NSE employees during the course of investigation and similar issues were faced by the Sebi expert committee as well.

Source: Mint May 28, 2017 11:15 UTC