CBI quizzes NSE ex-CEO Ravi Narain

New Delhi, February 20

Taking forward its probe in the case related to alleged irregularities in the National Stock Exchange (NSE) colocation facility, which was abused by a broker, the CBI today questioned former CEO of the stock exchange Ravi Narain.

The CBI investigators asked several questions while recording Narain’s statement on the colocation facility and working of the exchange here on Saturday. Narain might be called again for further questioning, officials added.

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The CBI has been questioning former top officials of the NSE in connection with its 2018 FIR against stock broker Sanjay Gupta, owner and promoter of Delhi-based OPG Securities Pvt Ltd. In the FIR, the CBI has accused Gupta of making gains by getting early access to the stock market trading system.

“It was alleged that the owner and promoter of the said private firm abused the server architecture of the NSE in conspiracy with unidentified officials of the NSE. It was also alleged that unidentified officials of the NSE, Mumbai, had provided unfair access to the said firm using the colocation facility during 2010-2012 that enabled it to login first to the exchange server of the NSE that helped get the data before any other broker in the market,” the CBI alleged.

Under the colocation facility, the NSE allowed brokers to place their servers in the data centre of the NSE for a charge, enabling them to have faster access to the price feed distributed by the stock exchange.