Unfolding the Scam
According to officials’ statements, the scam came to light when a whistleblower complained about the co-location issues to the SEBI authorities in 2015. After that, the complete scenario of fraud happening behind the screen was disclosed to the general public. When Moneylife revealed the scam, the management of NSE took a severe step toward the media authorities and even filed a 100 crore defamation case against Moneylife. Things got worse when the matter progressed to the High Court eventually.
However, the Bombay High Court finally made a verdict by dismissing the case and thus dismissing all the allegations made by the NSE. In addition, NSE had to pay a penalty fee of around 50 lakhs for the charge of taking arrogant action for the media report of Moneylife.
NSE Co-location Scam: Everything You Need To Know!
Stock Market scams aren’t new. India has witnessed several scams that have caused enormous losses for several investors all over the country. Each of the scams has its own story and uniqueness. The co-location scam is one such unique case in the history of the Indian Stock market that you would love to read till the very end. So let’s dive into the details of the scam before any delay.
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