HOW IT ALL TURNED OUT

i2015l

JANUARY, AUGUST & OCTOBER: Sebi gets three letters highlighting flaws at NSE’s algo trading systems

NOVEMBER: Sebi team does fact finding of the complaints; sets up an expert committee to examine the matter

i2016i

MARCH: Expert committee submits report to Sebi. Says NSE violated norms of fair access; asks the exchange to respond to the allegations

MAY & JUNE: NSE writes to Sebi saying it has addressed the issues; says will work closely with Sebi to make improvements

SEPTEMBER: Sebi directs NSE board to set up an independent examination; asks NSE to set aside revenues emanating from co-location facility in an escrow account

NOVEMBER: NSE appoints Deloitte to conduct the forensic investigation, seeks time till December

DECEMBER: NSE submits report to Sebi which suggests NSE’s systems were prone to manipulation

i2017i

JANUARY: Sebi directs NSE to submit a comprehensive action plan to address the issues and findings raised in the forensic report

FEBRUARY: Sebi board discusses the issue and mulls next action; U K Sinha directs another audit of cash and currency derivatives segment; Sinha retries MARCH: NSE appoints EY to conduct forensic audit of the segment