This forensic report has been prepared by E&Y and the Indian School of Business. Now, SEBI will prepare a future course of action based on the findings of the forensic report.
The National Stock Exchange has submitted a forensic audit report on the cash market, currency derivatives, and interest rate futures markets relating to the ongoing co-location case. This forensic report has been prepared by E&Y and the Indian School of Business. Now, SEBI will prepare a future course of action based on the findings of the forensic report.
A few trading members on the NSE are alleged to have made a killing by unfairly gaining faster access to the price feeds, and it is suspected that some employees may have helped them. The case is being investigated by SEBI.
Despite the ISB having a tie-up for a trading laboratory with the NSE, the exchange gave the audit contract the agency.
As per NSE, the Indian School of Business conducted a study to determine whether any abnormal profits were made as a result of the first login to servers by members named in the Deloitte report which was published last December. SEBI has already ordered the third audit of the exchange which is expected to come by December. So far, there have been two audits which have been published on the case. The third one is yet to be released.
NSE was supposed to submit this report in June but over time the scope and nature of its auditing widened to include more pressing issues.
SEBI will take a decision on consent application of NSE. The consent application makes it possible for alleged wrong-doers to pay a penalty without accepting or denying guilt.
Vikram Limaye MD and CEO of NSE has been busy clearing all legacy issues — which will clear the decks for refiling IPO in the second half of FY18.