Securities and Exchange Board of India Chairman Ajay Tyagi speaks during a press conference. (Photographer: Mitesh Bhuvad/PTI)

NSE Files Consent Application With SEBI In Co-Location Case

India's largest stock exchange, the National Stock Exchange Ltd., filed a revised application, also known as the consent application, to settle the co-location issue with the Securities and Exchange Board of India, its chairman, Ajay Tyagi, said.

“They have filed an application with us. The showcause notice was issued to 28 to 30 individuals and entities,” Tyagi said. “The process to complete the consent will be based on how we move forward with all the entities.”

The regulator had earlier returned the NSE’s consent application pending completion of the probe. SEBI issued four fresh showcause notices against the bourse, its employees and some brokers.

NSE is yet to respond to BloombergQuint’s emailed queries.

SEBI was probing the alleged lapses in NSE’s high-frequency trading offered through the bourse’s co-location facility. It was also also looking into whether some brokers gained unfair access to the exchange’s co-location facility.