Co-location controversy: I-T searches on NSE officials, brokers in Mumbai

On May 22, Sebi served showcause notices to NSE and 14 of its current and former key management personnel for alleged irregularities

The Income-tax department is conducting a massive search operation on former and present employees of the National Stock Exchange ( NSE), including a few brokers in the co-location controversy.

Confirming the development, a senior income-tax department told Business Standard that searches were being carried out by the Delhi income-tax department in coordination with the Mumbai team. 

He said: "The searches are to find out the beneficiaries of the alleged irregularities and to look for the evidence of illegal gratifications received by brokers for the benefit their actions passed on to beneficiaries.”

“The searches are going on since yesterday and will