Infotech Financial, NSE official get stay against NSE in co-location case

Securities Appellate Tribunal directs Sebi to file its reply within six weeks.

The Securities Appellate Tribunal (SAT) has granted interim stay on Sebi's order against Ajay Shah, Infotech Financial Services, its two company directors as well as NSE's senior official Suprabhat Lala in the co-location case.

The NSE in 2009 had engaged Shah and Infotech Financial Services for a research project. However, the entities allegedly developed an algorithm (algo) trading software by misusing confidential data from the NSE, according to Sebi.

In separate orders while granting interim relief to Infotech and others, the SAT said more than 10 years have elapsed and the entities were associated with the market during this period and no