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Limaye expects forensic reports on co-location case in a month

| | Mumbai

Looking for appropriate and a timely resolution to the ongoing probe into the co-location issue, newly-appointed NSE chief executive Vikram Limaye today said consultancy EY is likely to submit its forensic audit report on the issue in a month.

On his first day in office as NSE’s managing director and chief executive, Limaye told PTI that his top priority is to resolve the co-location issue and to ensure that the exchange fully cooperates with the regulator Sebi on the same.

The case relates to some brokers allegedly getting preferential access through co-location facility, early login and access to the ‘dark fibre’-- which can allow them a split- second faster access to datafeed of the exchange. Even a split-second faster access can yield huge gains for a trader.

While NSE has engaged Deloitte for a forensic audit of its equity derivatives platform, it has asked EY to carry out a forensic audit into cash markets and currency derivative platforms of the NSE is still underway.

“There are one or two things which are awaited. One is the EY forensic audit report on currency derivatives and the same on cash markets is likely to be out in three to four weeks...Resolution of the co-location issue is my top priority and our dialogue with Sebi in this regard is ongoing,” Limaye told the news agency over the phone.

“While I can’t give a timeline on when the probes into the matter would be completed as Sebi has its own process, we will ensure full cooperation with the regulator so that the issue is appropriately resolved,” he added.

The banker-turned marketman Limaye also said he would like to at the earliest plug any gaps in the exchange’s system and would work towards strengthening the “controls and processes”.

Earlier in the day he told television channels that taking NSE public through a listing can happen only after the regulatory issues related to co-location case was resolved. “Obviously IPO is an important priority for me but that would happen only once all the regulatory issues are sorted out first,” he said.

He also noted that it is significant for the exchange to improve relationships with all the stakeholders, including the regulators, Government, the media and the employees.

“It is also important for NSE to improve stakeholder relationships, which means relationship with the Government, the regulator, clients, the media and certainly the employees. It’s important to make sure that all stakeholder relationships are better than what has been in the past,” he said.                               

 
 
 

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