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Will make formal application for consent on co-location issue: NSE's Limaye

Samie Modak/ 18 Jul 17 | 12:12 AM

NSE MD & CEO Vikram Limaye

Vikram Limaye, the new managing director (MD) and chief executive officer (CEO) of the National Stock Exchange (NSE) tells Samie Modak that he doesn't want to give a timeline for the co-location (colo) issue to settle but says he would like to end it soon. Edited excerpts:

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NSE is keen to settle the colo issue through consent. At what stage are the consent talks?

There have been discussions between NSE and Sebi (Securities and Exchange Board of India) on the consent process. Now that I have joined, I will pursue those talks and see how we can move along. In any consent process, there is a formal application that needs to be made first. Then Sebi will review it and then agree to take it for consent.

What if Sebi rejects the consent plea? 

If consent doesn’t go through, then Sebi will decide how to conclude this thing by undertaking a formal legal process.

Have you assigned a time frame to settle the colo issue?

I would like this to end as soon as possible. But, I can’t come up with any timeline. I am sensitive to how the regulator thinks about these things. I don’t want to second guess. Sebi will have to follow a due process.

Has the EY audit report on NSE cash and currency segment come? 

Not yet. It is expected to come in the next two to four weeks

Has Sebi appointed an auditor to ascertain monetary gains due to the colo issue?

That is a separate exercise that Sebi is conducting. They are not doing it through NSE. I am not aware of anyone they have appointed.

Was there any financial loss because of last week’s trading glitch?

There is no financial loss that has been brought to my attention. A detailed report on Monday’s technical glitch is being finalised in terms of the nature of the problem. That will get discussed with the standing committee for technology at NSE. Once we have their views on the nature of the issue and steps taken to address the issue, the report will be shared with Sebi and the Ministry of Finance.

Are you ruling out cyber attack or hacking?

We have clarified that it is nothing to do with any cyber attack.

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