The Central Bureau of Investigation (CBI) has filed a supplementary chargesheet in the high-profile NSE co-location case, targeting several brokers who allegedly benefited from unfair access to the National Stock Exchange’s (NSE) systems. This move marks the latest development in one of India’s biggest market manipulation cases.
Details of the Supplementary Chargesheet
According to CBI officials, the new chargesheet provides detailed information on the role of broker firms and their modus operandi in exploiting NSE’s trading infrastructure. The agency has been investigating how certain brokers gained faster access to market data, giving them an unfair advantage over competitors.
Background of the Case
The CBI first registered an FIR in May 2018 against stock trader Sanjay Gupta and his firm OPG Securities. The case was filed under sections related to criminal conspiracy, the Information Technology Act, and the Prevention of Corruption Act. The FIR alleged that NSE officials facilitated OPG Securities in connecting to the exchange’s backup server to gain better and faster access to the market feed.
How the Alleged Scam Worked
The brokers allegedly took advantage of NSE’s tick-by-tick (TBT) architecture by using Chankaya Software. This setup allowed them to receive market data milliseconds ahead of others, enabling faster trading decisions and potentially higher profits. Such preferential access undermined the fairness of India’s stock market system.
Previous Chargesheets and Key Accused
Sanjay Gupta was previously chargesheeted in 2022 along with former NSE CEO Chitra Ramkrishna and four others. Since then, the CBI has filed multiple supplementary chargesheets as its investigation uncovers new evidence. This latest filing continues to widen the scope of accountability in the case.
Impact on the Market and Regulatory Oversight
The NSE co-location case has raised serious concerns about market transparency and the integrity of India’s financial markets. It has prompted stronger regulatory measures and increased scrutiny by the Securities and Exchange Board of India (SEBI) to ensure fair trading practices.
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