Timeline: Here's how the co-location scam unfolded
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Connecting the dots
SEBI on Tuesday throwed weight on National Stock Exchange of India Ltd (NSE), directing it to deposit nearly Rs 1,000 crore in an investor fund and barring it from accessing capital markets for six months, besides banning its two former CEOs, for lapses in its algorithmic trading systems and co-location services. Let's see how the events unfolded.
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Dec 2012-May 2014
Some NSE employees and brokers allegedly connive to gain access to trading data ahead of other brokers
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Dec 2, 2016
Chitra Ramkrishna, a founder-member of NSE, resigns as MD after spending 23 years with the stock exchange
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4/8
June 21, 2017
Unsatisfied with Deloitte Touche Tohmatsu repost, Sebi says it will recruit its own forensic auditor to investigate the scam.
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June 21, 2018
Sebi says it has initiated enforcement actions against entities involved in the case
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July 4
Sebi serves show-cause notices to several entities in the scam, former NSE MDs Ravi Narain and Ramkrishna, the exchange itself and several of its top officials (former and serving)
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Aug 8
NSE, Sebi initiate fresh talks to settle probe through consent mechanism
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April 30, 2019
Sebi directs NSE to pay over Rs 625 crore, acts against the two former exchange chiefs