NSE Co-location Scam: ED Summons Sanjay Pandey

NSE co-location scam: ED summons former Mumbai Police Commissioner Sanjay Pandey, to appear on July 5.

The Enforcement Directorate (ED) has summoned former Mumbai Police Commissioner Sanjay Pandey to Delhi on July 5 in connection with the National Stock Exchange (NSE) co-location scam.

Sanjay Pandey resigned from the police service in 2001.

He then formed an IT audit firm, then returned to the police service when his resignation was not accepted and made his son and mother directors in the firm.

Former police commissioner Sanjay Pandey retired on June 30. Between 2010 and 2015, a firm named Isec Services Pvt Ltd was given the contract for NSE servers and systems.

Earlier, the CBI had investigated this matter and now the ED is doing the investigation, which Sanjay Pandey has been summoned by the ED to join.

This case is from 2014-15.

Let us inform you that SEBI has imposed a fine of Rs 7 crore on the country’s largest exchange NSE in the dark fiber case related to the co-location scam.

Apart from this, Chitra Ramakrishna, former CEO and MD of NSE has also been fined.

SEBI has imposed a fine of Rs 5 crore on Chitra Ramakrishna and Rs 5 crore each on two ex-officers Subramaniam Anand and Ravi Varanasi.

Apart from this, SEBI has imposed a fine of Rs 6 crore on Way2Wealth Brokers in the same case. This case is from 2014-15.

 Allowed to join.

It is worth noting that this matter is related to getting information from some broking companies in the form of ‘dark fiber’ in NSE as compared to other members.

In this, the facility of joining the co-location facility was given in comparison to other members. ‘Dark fiber’ or unit fiber as network connectivity means a network that is already available but not used.

It is not connected to active electronics/equipment and data does not flow through them and is available for use in ‘Fiber Optic Communication’.