CBI searches underway at 10 locations across India in NSE co-location scam
India Today
The CBI are currently conducting searches in 10 different locations across India in connection with the NSE co-location scam. Locations in Delhi, Mumbai, Kolkata, Gandhinagar, Noida and Gurugram are being raided by CBI officials.
CBI officials are conducting searches at 10 locations across India in connection with the National Stock Exchange (NSE) co-location scam. Officials are raiding locations in Delhi, Mumbai, Kolkata, Gandhinagar, Noida and Gurugram.
The NSE co-location case pertains to a co-location facility offered by the National Stock Exchange where brokers could place their servers within the stock exchange premises, giving them faster access to the markets.
It was alleged that brokers, in connivance with insiders, abused the stock-trading algorithm and the co-location facility to make windfall profits. The ED first registered a case in this matter in 2018, under the Prevention of Money Laundering Act.
