VADAKAYIL on HOW EARLY BIRDS WHO MAKE HEFTY DONNASSANN TO MODI BLED BHARATMATA – TEXT
MODI’S PROPAGANDA NETWORK IS DOING HOOO HAAA ABOUT WHAT A GREAT HONEST BUSINESSMAN MARWARI JEW RAKESH JHUNJHUNWALA WAS— A MAGICIAN WHO CONVERTED 5000 RUPEES INTO 48,000 CRORES BY BEING DISHONEST
ALL KNOW THIS CRYPO JEW CROOK DID INSIDER TRADING.. BUT OF YOU GIVE HEFTY DONNASSANN TO MODI, ALL IS HUNKY DORY
WHENEVER VADAKAYIL GAVE CRITICAL INFORMATION TO MODI, THE SAME INFORMATION HELPED CRONY FINANCIAL JACKALS TO STEAL AND SCOOT.
DOES JNU PRODUCT NIRMALA SITARAMAN , EVEN KNOW WHAT IS UPSI?
https://taxguru.in/sebi/unpublished-price-sensitive-information-upsi-safe.html
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Sudheer September 16, 2019 at 9:55 AM
captain
what is algo trading?
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Capt. Ajit Vadakayil September 16, 2019 at 5:12 PM
WHEN I WROTE MY 33 PART POST ON SHELL COMPANIES ( NOTING IPL OWNERS USING SHELL COMPANIES WERE SUPPORTED BY FINANCE MINISTER WHO WAS PART OF BCCI ) -- I WANTED TO WRITE ANOTHER ONE ABOUT ALGO TRADING..
http://ajitvadakayil.blogspot.com/2017/02/shell-companies-for-money-laundering.html
THEN NOTING THAT PM MODI DID NOTHING-- I DID NOT WRITE ABOUT THE AGO TRADING SCAM, WHICH IS ONE OF THE BIGGEST FINANCIAL SCAMS IN INDIA, WITH LUNGI FINANCIAL MINISTER IN CAHOOTS , TAKING A SHARE OF THE PIE.
MIND YOU I WROTE A POST ON TELGI, SEND IT TO PM MODI AT LEAST TEN TIMES.. HE DID NOTHING. INSTEAD MODI GAVE MARATHA MANOOS THEDA FACE A PADMA VIBHUSHAN..
TELGI STAMP PAPER SCAM WAS NOT ABOUT SELLING FAKE STAMP PAPER... IT WAS ABOUT REGULARISING LAND GRABBED BY COMMIES AND POLITICIANS ...SAB MIL BHAANTKE KHAA REHE HAIN !
http://ajitvadakayil.blogspot.com/2014/12/telgi-stamp-paper-scam-must-be-exhumed.html
I ESTIMATE THAT THE ALGO TRADING SCAM IS MORE THAN 60,000 CRORES..
ALGO TRADING IS NOT ONLY LEGAL IN INDIA, BUT TO ALSO FORMS ABOUT 44% OF THE TOTAL TRADES EXECUTED ON THE NATIONAL STOCK EXCHANGE.
TO GIVE YOU A PERSPECTIVE, THE GLOBAL AVERAGE STANDS AT 89 %-- THIS IS HOW JEWS MAKE MONEY OUT OF THIN AIR..
THIS IS WHY RBI GOVERNOR AND FINANCE MINISTER HAS TO BE APPROVED BY THE KOSHER BIG BROTHER SINCE 1947..
ALGORITHMIC TRADING IS THE PROCESS OF USING COMPUTERS PROGRAMMED TO FOLLOW A DEFINED SET OF INSTRUCTIONS FOR PLACING A TRADE IN ORDER TO GENERATE PROFITS AT A SPEED AND FREQUENCY THAT IS IMPOSSIBLE FOR A HUMAN TRADER.
ALSO TRADING ALLOW TRADERS TO ESTABLISH SPECIFIC RULES FOR BOTH TRADE ENTRIES AND EXITS THAT, ONCE PROGRAMMED, CAN BE AUTOMATICALLY EXECUTED VIA A COMPUTER
ALGORITHMIC TRADING CAN POTENTIALLY HELP TRADERS EXECUTE ORDERS FASTER, EXPAND STRATEGY PORTFOLIOS BY USING MORE ADVANCED QUANTITATIVE TOOLS AND REMOVE HUMAN EMOTIONS THAT OFTEN AFFECT THE PERFORMANCE OF TRADING STRATEGIES.
IT IS A BLACK BOX AI SYSTEM— NOT TRANSPARENT .. HENCE YOU CANT NAB CROOKS ( WHO ARE MERE FRONTS OF THEIR JEWISH MASTERS ) .. ANY TIME THE DEEP STATE WANTS THEY CAN CRASH THE MARKET OR MANIPULATE GROWTH RATES OR WHATEVER...
THE ENTIRE STOCK MARKET IS RIGGED-- EVER SINCE AUTOMATION CREPT IN..
AFTER THE BATTLE OF WATERLOO JEW NATHAN ROTHSCHILD MADE A CHOOT OUT OF BRITISH PUBLIC BY STEALING THEIR WEALTH BY USING A PIGEON..HERE HUMAN EMOTIONS WERE EXPLOITED ..
http://ajitvadakayil.blogspot.com/2011/02/napoleon-unknown-side-capt-ajit.html
THIS IS WHY BEGGAR NATIONS ARE PART OF G6-- WHILE INDIA , THE BIGGEST ROARING ECONOMY IS KEPT OUT..
WHEN I WRITE MY TEN PART BLOG SERIES ON AI BLACK BOX SYSTEM--YOU WILL KNOW FURTHER..
https://ajitvadakayil.blogspot.com/2019/08/what-artificial-intelligence-cannot-do.html
ALGORITHMIC TRADING IS A METHOD OF EXECUTING ORDERS USING AUTOMATED PRE-PROGRAMMED TRADING INSTRUCTIONS ACCOUNTING FOR VARIABLES SUCH AS TIME, PRICE, AND VOLUME TO SEND SMALL SLICES OF THE ORDER (CHILD ORDERS) OUT TO THE MARKET OVER TIME.
THEY WERE DEVELOPED SO THAT TRADERS DO NOT NEED TO CONSTANTLY WATCH A STOCK AND REPEATEDLY SEND THOSE SLICES OUT MANUALLY.
ALGO TRADING FACILITATES TRANSACTION DECISION MAKING IN THE FINANCIAL MARKETS USING ADVANCED MATHEMATICAL TOOLS. ... AS THE LARGE INSTITUTIONAL INVESTORS DEAL IN A LARGE AMOUNT OF SHARES, THEY ARE THE ONES WHO MAKE A LARGE USE OF ALGORITHMIC TRADING..
AN EXAMPLE OF AN ALGORITHM IS AN ALGEBRAIC EQUATION, COMBINED WITH THE FORMAL RULES OF ALGEBRA. ... ALGORITHMIC TRADING CAN BE USED IN A WIDE VARIETY OF SITUATIONS INCLUDING ORDER EXECUTION, ARBITRAGE, AND TREND TRADING STRATEGIES.
ALGO TRADING IS MOSTLY USED FOR HIGH FREQUENCY TRADING (HFT), WHICH INVOLVES PLACING A LARGE NUMBER OF TRADE ORDERS ACROSS MULTIPLE MARKETS AND DECISION PARAMETERS AT A VERY HIGH SPEED, BASED ON PRE-PROGRAMMED INSTRUCTIONS. THIS EXPANDS MARKET REACH AND INCREASES THE POSSIBILITY OF MAKING A PROFIT..
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Capt. Ajit Vadakayil September 16, 2019 at 5:13 PM
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IN FINANCIAL MARKETS, HIGH-FREQUENCY TRADING (HFT) IS A TYPE OF ALGORITHMIC TRADING CHARACTERIZED BY HIGH SPEEDS, HIGH TURNOVER RATES, AND HIGH ORDER-TO-TRADE RATIOS THAT LEVERAGES HIGH-FREQUENCY FINANCIAL DATA AND ELECTRONIC TRADING TOOLS.
WHILE THERE IS NO SINGLE DEFINITION OF HFT, AMONG ITS KEY ATTRIBUTES ARE HIGHLY SOPHISTICATED ALGORITHMS, CO-LOCATION, AND VERY SHORT-TERM INVESTMENT HORIZONS. HFT CAN BE VIEWED AS A PRIMARY FORM OF ALGORITHMIC TRADING IN FINANCE.
HFT USES PROPRIETARY TRADING STRATEGIES CARRIED OUT BY COMPUTERS TO MOVE IN AND OUT OF POSITIONS IN SECONDS OR FRACTIONS OF A SECOND.
HFT ALGORITHMS TYPICALLY INVOLVE TWO-SIDED ORDER PLACEMENTS (BUY-LOW AND SELL-HIGH) IN AN ATTEMPT TO BENEFIT FROM BID-ASK SPREADS. HFT ALGORITHMS ALSO TRY TO “SENSE” ANY PENDING LARGE-SIZE ORDERS BY SENDING MULTIPLE SMALL-SIZED ORDERS AND ANALYZING THE PATTERNS AND TIME TAKEN IN TRADE EXECUTION..
ALGORITHMS ARE A SET OF INSTRUCTIONS THAT PERFORM VARIOUS OPERATIONS IN THE MARKET BASED ON THE INPUTS GIVEN..
WHO WERE THE KINGPINS OF THE ALGO SCAM IN INDIA?
SEBI WAS ALERTED BY A WHISTLE BLOWER.. OTHERWISE SEBI AND CBI DONT HAVE THE CEREBRAL WHEREWITHAL TO DETECT ANY FINANCIAL SCAM IN INDIA..
AJAY SHAH AND HIS BARREN WIFE SUSAN THOMAS WERE CLASS MATES IN IIT MUMBAI..
AJAY SHAH, A SENIOR ACADEMIC WITH THE GOVERNMENT THINK-TANK NATIONAL INSTITUTE OF PUBLIC FINANCE AND POLICY (NIPFP), ALONG WITH HIS WIFE SUSAN THOMAS AND SISTER-IN-LAW SUNITA THOMAS , MISUSED MARKET DATA OBTAINED FROM THE NSE FOR COMMERCIAL GAINS.
THE NATIONAL INSTITUTE OF PUBLIC FINANCE AND POLICY (NIPFP) IS AN AUTONOMOUS RESEARCH INSTITUTE UNDER INDIA'S MINISTRY OF FINANCE. BASED IN NEW DELHI, INDIA, THE CENTRE CONDUCTS RESEARCH ON PUBLIC FINANCE AND CONTRIBUTES TO THE PROCESS OF POLICY-MAKING RELATING TO PUBLIC FINANCE.
THE WORKED AS A TEAM TO FULFIL THEIR COMMERCIAL GOALS BY FRAUDULENTLY USING THE DATA THAT WAS OBTAINED BY THEM FROM NSE TO DEVELOP AN ALGO TRADING SOFTWARE AND PRODUCTS.
THIS TRADING SOFTWARE WAS USED FOR SALE TO MARKET PARTICIPANTS FOR DEALING IN THE SECURITIES MARKET. SOME OF THESE PRODUCTS WERE USED BY FIRMS FOR UNFAIR "EARLY BIRD" ACCESS TO NSE’S SYSTEM..
SELECT PLAYERS OBTAINED MARKET PRICE INFORMATION AHEAD OF THE REST OF THE MARKET, ENABLING THEM TO FRONT RUN THE REST OF THE MARKET.. THERE WAS FOUL CONNIVANCE OF INSIDERS BY RIGGING NSE’S ALGO-TRADING AND USE OF CO-LOCATION SERVERS ENSURED SUBSTANTIAL PROFITS TO A SET OF CHOSEN BROKERS..
DURING RECESSION TIME IN 1985/ 86 —MERCHANT SHIP JOB ADS WERE POSTED IN MUMBAI SEAMENS CLUB NOTICE BOARD..BY PAYING A HEFTY BRIBE TO AGENTS IN FRONT DESK MERCHANT NAY OFFICERS GOT A 24 HOUR HEAD START TO RUSH INTO THE COMPANY OFFICES SEEKING OFFICERS FOR EMPLOYMENT.
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SINGAPORE MARKET OPENS AT 6.30 AM INDIAN TIME, WHILE INDIAN MARKET BEGINS OPERATIONS AT 9.30 AM. IT SHOULD BE KEPT IN MIND THAT INDIA’S STOCK MARKET IS INFLUENCED BY SINGAPORE MARKETS WHERE ONLY FOREIGN INSTITUTIONAL INVESTORS (FII)S AND VERY FEW OTHERS HAVE ACCESS. THIS THREE HOUR HEAD START WAS LIKE GETTING THE QUESTION PAPER A DAY AHEAD OF THE EXAMINATION!
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MOST OF THE ALGORITHMS CREATED TO MILK THE MARKET WERE PROVIDED BY AJAY SHAH . AJAY SHAH’S FATHER FOUNDED CMIE ( CENTRE FOR MONITORING INDIAN ACONOMY) , A FIRM THAT KEEPS UNDER-REPORTING THE NUMBER OF JOBS CREATED BY PM MODI.. JEWS ABROAD DECIDE USING THEIR INDIAN FRONTS WHAT IS WHAT IN INDIA- VIA CMIE
SUSAN THOMAS AND HER SISTER SUNITHA THOMAS ( THE WIFE OF SUPRABHAT LALA THE TRADING ADMIN HEAD AT NSE) IN THE GARB OF RESEARCH, THEY GOT FULL GRANULAR TIME SERIES DATA FROM NSE WHICH NO ONE ELSE COULD GET AND CREATED ALGORITHMIC PROGRAMS TO GAME THE MARKET THROUGH SELECTED BROKERS SUCH AS OPG, ALPHA GREP ETC.
SUCH ACCESS HELPED THEM TO STAY AHEAD OF OTHERS IN THE MARKET AND ENSURE THAT THEY WOULD ALWAYS WIN AS THEY WERE PRIVY TO INFORMATION AHEAD OF THE OTHERS.
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Capt. Ajit Vadakayil September 16, 2019 at 5:16 PM
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REMEMBER THAT SOME GOT THEIR DATA (THE ORDER BOOK) 3 HOURS AHEAD OF THE MARKET OPENING WHICH GAVE THEM THE TIME TO FIND THE BEST ALGORITHM FOR MAXIMIZING THE PROFITS..
SUSAN THOMAS, IS KNOWN TO BE A CONFIDANT OF FORMER FINANCE MINISTER ( LUNGI NOW IN TIHAR JAIL ) HER SISTER SUNITHA, FORMED HFT FIRMS LIKE INFOTECH AND CHANAKYA TO EXPLOIT SOME INHERENT KNOWN DELIBERATE FLAWS IN THE NSE ARCHITECTURE. AND EVENTUALLY, THEY OFFERED THE TECHNOLOGY TO BROKERS LIKE OPG SECURITIES, WHOSE OWNER IS SANJAY GUPTA..
LUNGI MINISTER IN TIHAR JAIL HAD DESTROYED THE SPOT EXCHANGE NSEL -- AND FOUNDED THE LARGEST EQUITY BOURSE NSE in 1992 WITH A SPECIFIC INTENTION...
IN JUNE 2016, MCX WAS RELIGIOUSLY PREPARING TO SHARE CRITICAL MARKET AND TRADING DATA WITH SUSAN THOMAS, A RESEARCHER AT THE INDIRA GANDHI INSTITUTE OF DEVELOPMENTAL RESEARCH (IGIDR) AND A NEW DELHI BASED ALGO SOFTWARE DEVELOPER CHIRAG ANAND ON HER INSTRUCTIONS. HUSBAND AJAY SHAH WAS ACTING AS A CONSULTANT TO THE LUNGI POLITICIAN’S FINANCE MINISTRY.
IN JUST A MONTH AFTER MRUGANK PARANJAPE TOOK OVER AS THE MD AND CEO AT MCX IN MAY 2016, THE EXCHANGE WANTED TO ROLL-OUT A ‘PIPELINE’ OF DAILY MARKET DATA TO IGIDR FOR RESEARCH ON COMMODITY TRANSACTION TAX (CTT) THAT WAS IMPOSED BY CHIDAMBARAM IN 2012.
THE COMMODITIES TRADE TAX (CTT) STUDY WAS JUST A PRETEXT AND THE DESIGN SEEMED TO GET ‘LIVE MARKET DATA’ FROM MCX, WHICH COULD BE USED FOR DEVELOPING FRAUDULENT ALGO TRADING STRATEGIES.
JIGNESH SHAH, WAS THE FOUNDER OF MULTI COMMODITY EXCHANGE (MCX)..MCX WAS EARLIER A SISTER COMPANY OF NSEL
JIGNESH BABY IS NOW BATTLING FOR MODI-- LIKE "PANAMA PAPERS" LAMBOOJEEE..
DESPITE CHARGES AGAINST GUJJU AJAY SHAH BY THE CBI , HE CONTINUES TO HOLD POST OF PROFESSOR WITH NIPFP, WHICH IS AN AUTONOMOUS RESEARCH INSTITUTION IN THE MINISTRY OF FINANCE.
AJAY BABY ALSO SERVED AS ECONOMIC ADVISOR ON THE BOARDS OF VARIOUS INSTITUTIONS AND GOVERNMENT BODIES. HE IS ALSO CLOSE TO A LOBBYING AGENCY IN THE WESTERN WORLD THAT EXPORTS CRITICAL DATA ABOUT INDIAN FINANCIAL MARKETS.
MCX HAD PROVIDED TICK-BY-TICK AND REAL-TIME DATA TO SUSAN THOMAS THROUGH A DEDICATED PIPELINE. THIS WAS DONE MAINLY SO THAT NO AUDIT TRAIL WILL BE AVAILABLE IN THE FUTURE..
CHITRA RAMAKRISHNA AND RAVI NARAIN ENJOYED CLOSE PROXIMITY TO LUNGI MINISTER AND K.P. KRISHNAN, WHO SERVED AS THE JOINT SECRETARY AND ADDITIONAL SECRETARY FOR THE CAPITAL MARKETS
BOTH FOMER CHIEF EXECUTIVE OFFICERS -- RAVI NARAIN AND CHITRA RAMKRISHNA -- HAVE BEEN ASKED TO DISGORGE 25 % OF RESPECTIVE SALARIES DRAWN DURING THE SCAM PERIOD.
AJAY SHAH, WHO IS A PROFESSOR WITH NIPFP, IS ALLEGED TO HAVE LOBBIED FOR NSE, USING HIS CLOUT IN THE FINANCE MINISTRY AND ALSO “INFLUENCED” FIIS AND PNOTE ACTIVITIES ON NSE. I HAVE WRITTEN IN GREAT DETAIL ABOUT PNOTE ( PARTICIPATORY) SCAM..
AJAY BABY AND SUSAN BABY WORKED ON THE METHODOLOGICAL DESIGN OF NIFTY50 AND WERE CREATING THE ALGORITHMS FOR IT.
PRIOR TO BECOMING A PROFESSOR AT NATIONAL INSTITUTE FOR PUBLIC FINANCE AND POLICY (NIPFP) SINCE 2007, AJAY BABY HELD POSITIONS AT THE CMIE (MUMBAI), IGIDR (BOMBAY) AND THE MINISTRY OF FINANCE— HE WAS THE BLUE EYED BOY OF LUNGI MINISTER
WIFE SUSAN BABY IS A FACULTY MEMBER AT IGIDR (MUMBAI) AND ALSO SERVED AS A MEMBER/CHAIR OF VARIOUS COMMITTEES CONSTITUTED BY SEBI, RBI AND NSE ON SECONDARY MARKETS, GOVERNMENT SECURITIES, AND FOREIGN EXCHANGE.
HAVING DESIGNED NIFTY50, AND KNOWING THE ALGORITHM INSIDE OUT, SHAH , HIS WIFE AND HIS COTERIE INSIDE NSE BENEFITED BY GIVING PREFERENTIAL ACCESS TO A FEW ENTITIES AT THE EXPENSE OF OTHERS..
IN AN UNPRECEDENTED GESTURE, THE NSE HAS BEEN GIVING AJAY SHAH AND THOMAS A HEFTY ANNUAL ROYALTY AS A CERTAIN PERCENTAGE OF THE INCOME GENERATED OF NIFTY TRADING.
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Capt. Ajit Vadakayil September 16, 2019 at 5:17 PM
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IT MAY BE NOTED THAT NIFTY CONTRIBUTES NEARLY 80% OF THE TURNOVER OF NSE. THIS WAS WHILE THE COUPLE IS DOUBLING AS FACULTY WITH GOVERNMENT INSTITUTIONS.
A DARK FIBER WAS INSTALLED BETWEEN BENGALURU STOCK EXCHANGE (BSE) AND NSE BY SAMPARK COMMUNICATIONS WITHOUT RELEVANT PERMISSIONS.
IT'S NO SURPRISE THAT OF ALL THE TRADES THAT HAPPEN AT NSE TODAY, MOST OF IT ARE PLACED BY TRADING ALGORITHMS! E-TRADING IS DIRECTLY PLACING BUY AND SELL ORDERS WITH A STOCK BROKERAGE HOUSE FROM A COMPUTER TERMINAL..
“DARK POOLS”— ALSO KNOWN AS “BLACK POOLS”, “DARK LIQUIDITY” AND “UPSTAIRS MARKETS”— ARE PRIVATE FORUMS FOR TRADING SECURITIES WHICH ARE NOT AVAILABLE TO THE PUBLIC. ...
THE TRADING PLATFORMS ALLOW INVESTORS TO MAKE LARGE TRADES ANONYMOUSLY AND PRICES ARE ONLY PUBLISHED AFTER TRADES HAVE BEEN MADE.. THESE EXCHANGES ARE SO NAMED FOR THEIR COMPLETE LACK OF TRANSPARENCY.
FORENSIC ANALYSIS SHOWS 62 BROKING FIRMS MAY HAVE ENJOYED PREFERENTIAL ACCESS TO SERVERS OF NATIONAL STOCK EXCHANGE OF INDIA LTD (NSE), AND NOT JUST THE THREE THAT HAVE BEEN SERVED SHOWCAUSE NOTICE
ONLY 3 BROKING FIRMS HAVE BEEN CHARGED FOR FRAUDENTLY OBTAINING PREFERENTIAL ACCESS TO NSE’S HIGH-SPEED ALGORITHMIC TRADING PLATFORM THROUGH ITS CO-LOCATION SERVICE. THE SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI) HAS SO FAR ISSUED SHOW-CAUSE NOTICES TO ONLY THREE— OPG SECURITIES, ITS ASSOCIATE GKN SECURITIES AND WAY2WEALTH BROKERS PVT LTD.
THE REPORTS NAME, AMONG OTHERS, MOTILAL OSWAL SECURITIES LTD, SMC GLOBAL SECURITIES LTD, RELIGARE SECURITIES LTD, IKM INVESTORS PVT LTD, KOTAK SECURITIES, BARCLAYS AND GOLDMAN SACHS. JEWS ARE MAKING MONEY OUT OF THIN AIR USING INDIAN FRONTS
ALL THIS EXPOSES THE DARK UNDERBELLY OF THE COUNTRY’S FINANCIAL MARKETS AND RIDICULOUS INEFFICIENCY OF ITS REGULATOR THE SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI).
TILL A WHISTLE BLOWER BLEW THE WHISTLE – LIKE GABBBAR SIINGH, SEBI KOH KUCH NOHIN, POTHA !
http://ajitvadakayil.blogspot.com/2016/11/protect-whistle-blowers-if-india-must.html
IN JANUARY OF 2010, NSE STARTED OFFERING A CO-LOCATION FACILITY TO ITS MEMBERS. MEMBERS COULD PAY A DETERMINED FEE TO THE NSE AND IN TURN, THEY WERE ALLOWED TO PLACE THEIR COMPUTERS IN THE SAME AREA AS THE STOCK EXCHANGE’S SERVER. THIS PROVIDED THEM WITH FASTER ACCESS TO THE BUYING AND SELLING ORDERS BEING DISSEMINATED BY THE EXCHANGE’S TRADING ENGINE.
USUALLY, FOR SUCH MARKET DEVELOPMENT, SEBI PUTS OUT A DISCUSSION PAPER TO COLLECT THE PUBLIC FEEDBACK AND CONSULTS ITS TECHNICAL ADVISORY COMMITTEE AND THEN ISSUES GUIDELINES AFTER DUE DELIBERATION WITH THE VARIOUS STAKEHOLDERS. HOWEVER, NOTHING LIKE THAT HAPPENED IN THIS CASE.
THERE IS NO RECORD IN PUBLIC DOMAIN ABOUT THE USE OF CO-LOCATION FACILITY BY THE NSE, APART FROM ITS OWN 2009-10 ANNUAL REPORT. BOMBAY STOCK EXCHANGE (BSE) SENT A PROTEST NOTE TO THE SEBI AFTER THIS AND DEMANDED A FAIR REGULATORY FRAMEWORK FOR SUCH FACILITY TO OPERATE. BUT, THIS WAS IGNORED BY THE REGULATOR.
THE SCAM CAME TO LIGHT BY A LETTER SENT TO SEBI IN 2015 BY A WHISTLEBLOWER WHICH STATED-
“I WISH TO DRAW YOUR ATTENTION TO A SOPHISTICATED MARKET MANIPULATION DONE AT NSE FOR SEVERAL YEARS. THE MANIPULATION HAS BEEN OCCURRING BY ENABLING CERTAIN VESTED TRADERS TO GET MARKET INFORMATION AHEAD OF OTHERS.”
THIS LETTER WAS ALSO SENT TO AN ONLINE MAGAZINE, MONEYLIFE, WHICH PUBLISHED THE LETTER ON ITS WEBSITE. THIS TRIGGERED AN INVESTIGATION INTO THE SCAM WHICH RESULTED IN A 1,100 CRORES PENALTY ON THE NSE.
INCLUDING FIVE YEARS OF INTEREST AT 12%, THE 625 CRORE PENALTY WORKS OUT TO 1,100 CRORE, OR ABOUT $158 MILLION. THAT’S A FRACTION OF THE $110 BILLION BILL BANK OF AMERICA CORP. AND JPMORGAN CHASE & CO. HAVE RUN UP BETWEEN THEM IN FINES AND SETTLEMENTS SINCE 2008, ACCORDING TO A TALLY MAINTAINED BY BLOOMBERG INTELLIGENCE.
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Capt. Ajit Vadakayil September 16, 2019 at 5:18 PM
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The audit report reveals that --
A sloppy agreement without any legal vetting was entered into between MCX and IGIDR, which at the research organization was signed by its registrar in Mumbai. But it has come to light that there existed an ‘undertaking’ signed by Thomas for sharing of separate data and which, in the own words of Thomas to the auditor, nobody was aware at IGIDR and she was not required to inform them. The audit suspects that it was this ‘undertaking’ based on which MCX shared crucial ‘live trading’ data with Chirag Anand, an algo software developer, on instructions from Thomas..
MCX executives told the auditor that as per their understanding Thomas had given the undertaking on behalf of IGIDR. Anand did not work with IGIDR, when he as per the audit report, was dictating to MCX his requirement for data. Anand has worked with IGIDR earlier and also closely with Shah in the National Institute of Public Finances and Policy (NIPFP).
CERTAIN CHOSEN SOFTWARE VENDORS WHO HAD DEVELOPED SOFTWARE TO PROVIDE THEIR CLIENTS FIRST-TO-CONNECT ACCESS. THE SET UP ENABLED FIRST-TO-CONNECT STOCK BROKERS TO RECEIVE DATA AHEAD OF OTHERS AND THUS, THEY WERE ABLE TO REACT TO THE INFORMATION EARLIER THAN THE REST OF THE STOCK BROKERS
ALL THIS CANNOT BE COULD WOUTH LUNGI MINISTER BEING IN CAHOOTS..
AJAY SHAH COLLECTED NSE TRADE DATA IN 2005-06 UNDER THE GARB OF DOING RESEARCH, WHILE HE WAS EMPLOYED WITH CENTRE FOR MONITORING INDIAN ECONOMY (CMIE). HE WAS SEEN BY THE PROBE AS BEING INSTRUMENTAL IN THE EXPLOITATION OF THE NSE TBT (TICK-BY-TICK) ARCHITECTURE. IN THIS ARCHITECTURE, DATA WAS DISSEMINATED IN A SEQUENTIAL MANNER, WHEREBY A STOCK BROKER WHO CONNECTED FIRST TO THE SERVER OF THE STOCK EXCHANGE RECEIVED A “TICK”, I.E. MARKET FEED, BEFORE THE STOCK BROKER WHO CONNECTED LATER. THIS GAVE UNDUE ADVANTAGE TO ENTITIES THAT WERE ABLE TO CONNECT TO THE EXCHANGE SERVER EARLIER THAN OTHERS.
THE WHISTLE-BLOWER COMPLAINED CONNIVANCE OF INSIDERS BY RIGGING NSE’S ALGO-TRADING AND USE OF CO-LOCATION SERVERS BY A SET OF BROKERS. THE WHISTLE-BLOWER ALLEGED THAT TRADING MEMBERS WERE ABLE TO CAPITALISE ON ADVANCE KNOWLEDGE BY COLLUDING WITH SOME EXCHANGE OFFICIALS..
WE KNOW THE MELORDS WHO SUPPORTED LUNGI MINISTER…
WE WATCH.
Capt ajit vadakayil
..
VADAKAYIL WARNS CLOSET COMMIE ARNAB GOSWAMI , DO NOT CONVERT CROOK RAKESH JHUNJHUNWALA
INTO A GOD ..
I CAN WRITE A BOOK ABOUT HIM..
Capt ajit vadakayil
..
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CAPT AJIT VADAKAYIL
..