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    ED summons former Mumbai police commissioner Sanjay Pandey in NSE co-location case

    ED summons former Mumbai police commissioner Sanjay Pandey in NSE co-location case

    ED summons former Mumbai police commissioner Sanjay Pandey in NSE co-location case
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    By CNBCTV18.com  IST (Updated)

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    Former Mumbai police commissioner Sanjay Pandey's IT audit firm had got the contract to audit the co-location facility on behalf of the NSE. However, the company did not report any irregularities. Pandey and the company are now under the Enforcement Directorate's (ED) scanner for deliberate omission and commission.

    The Enforcement Directorate (ED) has summoned former Mumbai police commissioner Sanjay Pandey on July 5 in Delhi, in connection with the National Stock Exchange (NSE) co-location scam.
    Pandey retired as Mumbai police commissioner on June 30.
    In 2001, Pandey had started an IT audit firm, which got the contract to audit the co-location facility on behalf of the NSE. However, the firm did not flag any irregularities. Pandey and the firm are now under the scanner for delibrate omission and commission.
    Pandey would have to appear before the ED's Delhi unit on July 5. The ED had also conducted searches at Pandey's house in May.
    Recently,  Market regular Securities and Exchange Board of India (SEBI) had imposed a penalty of Rs 7 crore on the National Stock Exchange (NSE) and Rs 5 crore on former CEO Chitra Ramkrishna in the 'dark fibre' case.
    The case involved the alleged differential access given to certain broking firms and members in the form of 'dark fibre' at NSE, especially to connect across the colocation facilities ahead of other members.
    Dark fibre or unlit fibre is an already laid but unused optical fibre which does not have any data flowing and is available for fibre-optic communication use.
    The Central Bureau of Investigation (CBI) had filed an FIR in the NSE manipulation case — also known as the NSE co-location case — in 2018. However, it was only this year that the agency started its investigation into the involvement of former CEO Chitra Ramkrishna and other officials.
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