SEBI didn’t dilute NSE orders: Ajay Tyagi

Mumbai, March 2

Days after the government went public with its intent to examine a SEBI order in the NSE matter, its outgoing Chairman Ajay Tyagi on Wednesday made it clear that the markets regulator did not “dilute” any of the quasi-judicial verdicts.

The comments assume significance as they come after Finance Minister Nirmala Sitharaman, as per reports, recently said the government is examining if SEBI has taken “necessary punitive” action in the case.

In a media interview, the FM had said the government was analysing if there had been “enough application of mind in dealing with this” and if after applying its mind, SEBI took adequate corrective steps.

Tyagi on Wednesday said SEBI acted as per its remit and understanding in the matter, starting with the main case of co-location allegations and also the latest order wherein NSE former chief Chitra Ramkrishna was found to be sharing and consulting with a mystic figure in the Himalayas to run the largest stock exchange, Tyagi said.

Speaking to reporters after handing over charge to Madhabi Puri Buch, Tyagi said the NSE matter pertains to the 2010-15 period and SEBI passed its first order in April 2019 in the co-location matter.

He admitted that there was a delay in the order in the second case pertaining to Ramkrishna’s working, hinting that the delay happened due to the Covid pandemic. However, the delay was not intentional, he made it clear.

“We came out with orders within our remit and understanding,” he said, stressing that no one can say that the regulator “diluted” the orders. —