Company Founded By Mumbai Ex Top Cop Violated SEBI Norms: CBI
NDTV
The CBI has alleged that iSec services had conducted audit of two "high risk brokers" -- SMC Global Securities Ltd and Shaastra Securities Trading Private Limited -- in a fraudulent manner when the co-location "scam" was going on.
A company founded by Mumbai's former police commissioner Sanjay Pandey had allegedly violated SEBI norms in auditing two NSE stock brokers who were using the scam-tainted co-location facility, officials said Monday.
An FIR registered on May 19 against the company, iSec Services, on a reference from the Enforcement Directorate, redflags several violations of SEBI circular by the firm in conducting system audit of stock brokers involved in algorithmic trading using the co-location facility, which is under the CBI scanner now.
The FIR was made public on Monday.
The CBI has alleged that iSec services had conducted audit of two "high risk brokers" -- SMC Global Securities Ltd and Shaastra Securities Trading Private Limited -- in a fraudulent manner when the co-location "scam" was going on.