Markets silent on SEBI clean chit to NSE

They are calling it SEBI’S desktop investigation. This is the high-powered market regulator’s decision to grant clean chits to a number of top officials of the National Stock Exchange who were allegedly involved in the colocation scam, indicted by the very exchange and even fined Rs 1,000 crore plus.

The fine itself is enough to start five news channels.

What does the SEBI order say?

The order, passed by S.K. Mohanty, whole time SEBI member, says no wrong happened. “From the records, I do not find any evidence or any material that establishes or even remotely indicates any role played by any of the noticees as far as establishment of P2P connectivity by Sampark (Entertainment) is concerned. There is nothing on record which could even suggest that any of the entities was occupying a post of director or KMP and on account of holding of such post, the respective noticees could be fastened with the accountability for the lapses, breaches and discriminatory treatment meted out to the market participants by permitting a selected few stock brokers to avail dark fibre connectivity from Sampark.”

In one stroke, Mohanty cleaned the stables. Social media went buzzing like never before. SEBI, true to its expectations, remained silent.

Mohanty further wrote in his order: “In my view, based on the evidences available on record and after having considered the same, it cannot be held that the noticees herein were involved in facilitating ‘Sampark’ to lay down the dark fibre line to provide P2P connectivity.

“There is also no evidence