The National Stock Exchange of India (NSE) on Thursday said it has filed an application with stock market regulator Sebi for settlement of its co-location issue under the consent process.
The development comes after NSE's new Managing Director and Chief Executive Officer Vikram Limaye, who took charge on July 17, said that he will work with Sebi to resolve the issue.
"This application has been filed under the settlement regulations of Sebi. Sebi will review the application and get back to NSE on the future course of action," the stock exchange major said in a statement.
"NSE will work with Sebi on early resolution of this matter."
The issue pertains to allegations that NSE provided preferential data access to some brokers. This access is alleged to have aided in high-frequency trading, giving undue advantage to these brokers.
The allegations were first levelled in 2015 by a whistle-blower, subsequently the Securities and Exchange Board of India (Sebi) ordered an investigation into the matter in 2016.
The stock market regulator provides for an out-of-the-court settlement procedure to settle cases -- consent mechanism -- which does not warrant admission or denial of the alleged wrongdoing.
The mechanism can impose restrictions on individual or entities from accessing the capital market and imposition of financial penalties.
It is understood that the consent mechanism will hasten the stock exchange major's proposal for an IPO (Initial Public Offering) estimated to be around Rs 10,000 crore.
Last year, NSE filed its proposed IPO papers with Sebi.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)