Sebi exonerates three former executives of NSE in co-location case

The regulator said it was up to the exchange to fix accountability on employees, and take action as it deemed fit and appropriate

The Securities and Exchange Board of India (Sebi), in its order on Thursday, disposed of the show cause notice (SCN) issued to senior employees of the National Stock Exchange (NSE) on January 4, with respect to the co-location (colo) case. The capital markets regulator did not levy any monetary penalty.

The capital markets regulator exonerated former employees Subramanian Anand, Ravi Apte, and Umesh Jain, with respect to charges levelled against them, via a circular issued on Thursday.

Anand, a former chief strategic officer and group operating officer, was accused of failing to take steps to ensure fair and equitable access to all