Algorithm controversy: Sebi issues show-cause notices to NSE, former CEOs

With show cause notices issued to NSE and 14 individuals, the controversy moves towards closure

Capital market regulator Securities and Exchange Board of India (Sebi) has issued show causes notices (SCNs) to the National Stock Exchange (NSE) and 14 individuals as a part of probe against the exchange in the ‘unfair access’ controversy. 

Among those issued the SCNs include former chief executive officers (CEOs) Chitra Ramkrishna and Ravi Narain. The former had unexpectedly quit NSE in December 2016, while the latter currently serves as the vice-chairman on NSE’s board. Other individuals to have received the Sebi SCN are some officers in the technology and business operations department. 

Sources said all the individuals will have to