Everybody involved in decision making in NSE will be liable for penalty: Sanjay Asher

What is the larger story behind the NSE scandal?Sanjay Asher, Senior Partner, Crawford Bayley & Co, in conversation with ET Now on the ongoing CBI investigation into NSE.

What does the CBI now intend to find because there is a Sebi order which imposed penalty and punitive action taken against NSE. But it seems this could be a larger story. Could some Sebi officials be also under the ambit of search?
It is possible. CBI as a central agency is looking into it and by law it has the widest scope or powers and therefore it can investigate any individual, person, any statutory body or otherwise for going to the bottom of the issue and trying to see as to where the wrong was done.

How liable would be the top brass at NSE at that time? We know that the Sebi order has also been challenged. The former head of NSE IT who has been questioned. But how liable would be the board, the people in-charge, who actually went ahead and sold the co-location facility as a product?
Nobody is above law. If anything illegal has happened, then everybody will be liable right from the IT manager to the highest level including the board. Once CBI completes the investigation, then it will come to some conclusion as to who all were responsible or liable for the purpose of co-location. So to answer your question, everybody and anybody who is involved in the decision making will be liable and responsible for the penalty.