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The Delhi High Court Bench of Justices Siddharth Mridul and Anup Jairam Bhambhani on Tuesday ordered that the Central Bureau of Investigation (CBI) officer who is investigating the National Stock Exchange (NSE) co-location scam, should be personally present before the court on the next date of hearing 

The Court was hearing a petition filed by journalist Shantanu Guha Ray who alleged that despite the whistle-blower providing details of the scam nearly three-and-half years back, nothing “substantial” has happened in the case.

In January 2015, a whistle-blower wrote to the market regulator Securities and Exchange Board of India (SEBI) informing that some brokers were given preferential treatment by the stock exchange as they were allowed to log into the NSE systems with better hardware specification while engaged in algorithmic trading. This, the whistle-blower alleged, amounted to unfair access and advantage.

The petitioner alleged that even though the scam involves several thousand crores, no substantial action has been taken. Per Contra, CBI responded that a case has already been registered in the matter and the investigation is likely to be completed in six to eight months. Further that a status report has already been filed by the CBI in the matter and it now wants to file another status report in a sealed cover.

The Bench on Tuesday said that it has some questions for the Investigating Officer (IO) probing the scam and sought his personal presence. It then listed the case for further hearing on January 14, 2022. The Court further said it will examine both the reports on the next date of hearing.

Case Title: Shantanu Guha Ray v UOI and Anr.