NSE co-location scam: CBI court accepts closure report
A Delhi CBI court has accepted the closure report in the high-profile National Stock Exchange (NSE) co-location scam.
The investigation centered on ISec Services—an audit firm associated with ex-Mumbai police chief Sanjay Pandey—which audited two NSE brokers and was accused of breaking SEBI's audit rules at the exchange's special trading facility.
No evidence of criminal intent
The CBI said there was no evidence of criminal intent by former NSE bosses Chitra Ramkrishna, Ravi Narain, or others involved.
The CBI also found no proof that NSE or SEBI officials knowingly allowed weak audits.
While ISec Services did breach some regulations, investigators didn't find signs of deliberate wrongdoing or market manipulation.
Meanwhile, Pandey—who was separately arrested in July 2021 for illegal phone tapping at NSE—was granted bail in late 2022.
Other investigations into possible irregularities at the exchange are still underway.