Didn't Dilute NSE Orders, Says Outgoing Sebi Chief Ajay Tyagi

Tyagi, who left as the chief of the regulator after a five-year term, said other law enforcement agencies are also looking into the matter

New Chairperson of the Securities and Exchange Board of India Madhabi Puri Buch with her predecessor Ajay Tyagi at a press conference after taking charge at the SEBI office, in Mumbai, Wednesday,

Mumbai: Outgoing Sebi chief Ajay Tyagi on Wednesday said the capital markets regulator acted as per its remit and understanding on the NSE case, and denied any "dilution" of orders in the matter.

Tyagi, who left as the chief of the regulator after a five-year term, said other law enforcement agencies are also looking into the matter.

"Till now, all the facts and findings in the public domain are based on Sebi's findings disclosed in its orders, and we should wait for the investigation of other agencies as well," Tyagi said.

The Securities and Exchange Board of India (Sebi) is cooperating with other agencies and sharing the information sought with them, he added.

Speaking to reporters after handing over the charge to his successor, Madhabi Puri Buch, Tyagi said the NSE case pertains to events between 2010-2015, and Sebi started investigations under him in the "right earnest".

"We came out with orders within our remit and understanding," he said, stressing that no one can say that the regulator "diluted" the orders.

The comments from the chief come a fortnight after an order, which led to a furore, as the then NSE chief was seen as taking orders from a mystic Yogi residing in the Himalayas to run the largest stock exchange.

Tyagi said the recent order was delayed, mentioning that there was the Covid-19 pandemic in between. He, however, added that the delay was not intentional.

He said Sebi focused on the main case, pointing to its April 2019 order in the co-location case.