Normally you do not expect Express Newspaper criticising exposing Congress Party and It’s leaders, save during the period of Sri.Goenka,who fought Emergency tooth and Nail when it was imposed by Indira Gandhi because she was disqualified in an election.
There have been ,are scams by the Congress party,which was gloriously started by TTK with Mundra Scam, followed by Nagarvala, Maruti,Purulia Arms drop,Bofors, Lalbhadur Shastri’ s death,Harshad Mehta ,….to top it all… 2 G scam.
Many characters of these irregularities , scandals, cheating are known to people by and large,some are invisible and some,though visible blatantly deny arrogantly with a single sentence.The top invisible man of Congress,in whom rested the entire history with facts and figures ,is gone,Ahmed Patel.
The other gentleman is a Learned, erudite was a central minister in the UPA, occupying very important portfolios. Any allegations against him is dismissed by him derisively with a waving of arms. Those who followed 2 G scam would recall his meeting with the then PM,’No Minutes Meeting on 2G’!
Now a great scam of epic proportions is unfolding, NSE fraud. I have been following the the case awaiting the name of P. Chidambaram.. It has arrived now.Am quoting from ‘New Indian Express.
The NSE’s history, even the SEBI is aware, is steeped in huge frauds. The current Chitra deceit in sheer numbers is just a tiny part of the NSE shenanigans — in which she had had a prominent role in the past — believed to be in lakhs of crores. Unless seen as a sequence of the NSE’s fraudulent history, the present Chitra fraud will look pale.
NSE snakepit under cabal
The NSE, with a market capitalisation of Rs 255 lakh crore, more than the nominal GDP of India, has been an endless pit of venomous snakes since the days of P Chidambaram (PC), the lilywhite dhoti-clad finance minister – something too well-known in financial and regulatory circles for simple denial. How the NSE stood captured by PC and his cabal was exposed by two leading books, neither challenged.
One, by Sucheta Dalal and Debashish Basu in their book Absolute Power (2021) detailing regulatory capture of SEBI by the cabal and the co-location (COLO) scam. Second, by Palak Shah’s Market Mafia whose subtitle “Chronicle of India’s high-tech stock market scandal and the cabal that went scot-free” told all. The cabal close to PC, according to the authors, had the SEBI and NSE under their thumb. PC himself was a huge punter in stocks through benamis. A former chairman of SEBI even told Manmohan Singh about it. But like in every other case, Manmohan Singh remained silent…The NSE cabal backed by PC was so powerful that they locked up the SEBI officials, who went for a probe, inside a room. A livid SEBI chief Damodaran thrashed Ravi Narain, then NSE Chief and Chitra, his deputy, over phone. (Absolute Power p204) The high-tech COLO scam involved allowing select stock brokers on the premises of the NSE — like allowing thieves into a police station. That was where the NSE cabal and select brokers mixed up and defrauded millions of investors. The SEBI half-found the scam suspected to be in lakhs of crores and left the NSE with a measly fine of `625 crore. But, thanks to a public interest litigation, the COLO scam is under investigation by the CBI under Delhi High Court orders in 2018. The CBI, which dragged its feet for years, has become active after the SEBI brought out the Chitra fraud. Now move on to the latest Chitra-NSE fraud.
NSE Fraud, How
‘According to Republic sources, the NSE system was rigged by placing a computer close to the NSE server. This offered the brokers a 10:1 speed advantage over their competitors. The information was disbursed in a sequential manner. This meant that the broker who connected to the server had valuable information before his rivals.The CBI on Friday questioned Chitra Ramkrishna in the co-location case. The premier investigating agency had booked owner and promoter of OPG Securities Pvt. Ltd. Sanjay Gupta and others in connection with alleged abuse of NSE co-location facility to make gains by getting early access to the stock market, they said.
was alleged that the owner and promoter of said private company abused the server architecture of NSE in conspiracy with unknown officials of NSE. It was also alleged that unknown officials of NSE, Mumbai had provided unfair access to the said company using the co-location facility during the period 2010-2012 that enabled it to login first to the exchange server of Stock Exchange that helped to get the data before any other broker in the market,” the CBI has alleged in its FIR. Republic World