In June 2015, an article was published on Moneylife news website, alleging that the National Stock Exchange of India (NSE) facilitated illicit trading through high frequency trading techniques. The information was anonymously forwarded to the managing editor of the news website. Subsequently, the National Stock Exchange brought a defamation lawsuit in the High Court of Bombay against the website and its managing and executive editors, arguing that the article was per se defamatory and could not be considered a fair comment, nor did it have any qualified privilege.
In determining whether the statements contained in the article were defamatory, the Court primarily relied on the standard of "whether any reasonable person, however prejudiced or however strong of opinion, could say that the work in question was a fair comment." By taking into account the failed attempts made by the website's managing editor to solicit and verify response from the NSE officials, the Court held that a reasonable person used in dealing in financial markets could perceive the allegations as true. Accordingly, the Court dismissed the NSE's motion for injunction, finding the article a fair comment protected under Article 19 of India's Constitution.