New Delhi: A formal complaint has been lodged with the Prime Minister’s Office, the Ministry of Finance, and top stock exchange regulators over the alleged “controversial appointment” of former National Stock Exchange (NSE) official Mr. K. Hari to senior roles in market institutions. According to a letter circulating on social media and addressed to Prime Minister Narendra Modi, Finance Minister Nirmala Sitharaman, and the chairpersons of the NSE and MCX exchanges, petitioners have raised serious objections to Mr. Hari’s continued presence in regulatory or quasi-regulatory market bodies. The complaint alleges that Mr. Hari was involved in the so-called “Co-Location (Co-Lo) scandal” at the NSE — a controversy that led to investigations, regulatory scrutiny, and penalties against top officials of the exchange. The Co-Location case, which revolved around allegations of preferential access to high-frequency traders, had earlier triggered probes by SEBI and law-enforcement agencies into NSE’s governance practices.
The complainants argue that individuals linked to such controversies should not be allowed to occupy influential positions in stock exchanges or SEBI-regulated institutions. “Such tainted persons should not become senior functionaries of any market institution,” the letter states. The complaint further notes that Mr. Hari served at NSE for over 28 years and worked closely with former NSE chief Chitra Ramakrishna. It alleges that he was responsible for broker relations and listing-related activities, areas that later came under regulatory scrutiny during the Co-Location investigations. General Secretary- NCP Mumbai, Janak Keshriya, who posted about the complaint on X (formerly Twitter), said the issue is not personal but concerns market integrity and investor confidence. Neither Mr. Hari nor NSE officials have so far issued a public response to the allegations. SEBI has also not commented on whether the complaint will trigger a fresh review of his role.