904-NMS-1220-15-F4.DOC statement that “...multiple agencies have woken up to the possible dangers of large-scale market manipulation by large institutional traders who run high-frequence trading (HFT) programmes in India.” [Emphasis supplied] (iii) “...NSE’s insiders allowed some chosen traders to benefit through faster connectivity, day after day...”, followed by the statement that, “These high-frequency trades contributed to the high froth of trading volumes on the Exchange.” [Emphasis supplied] (iv) “Government sources also tell us that “NSE’s management of HFT servers in the initial years until 2013 (which are the subject of the whistleblower’s letter) may need a detailed review by SEBI or an investigation agency.”” [Emphasis supplied] (v) “... NSE operates like a fortress and outsiders had no details...” [Emphasis supplied] (vi) “Then, there is the issue of corruption. Clearly, people at the NSE and SEBI who permitted the manipulation of algo trades and attempted to bury the scandal cannot be in charge of this investigation.” [Emphasis supplied] 16(i) “For several months, I shared the letter with key market-players and investigators to find out more; but the NSE operates like a fortress and outsiders had no details.” (ii) “Nobody we spoke to was surprised to know that the system was manipulated and each one speculated about the likely beneficiaries; but no proof was forthcoming.” (iii) “The reason for this is best explained on the jacket of Michael Lewis’s book Flash Boys. It says” “Now, the world’s money is traded by computer code, 4 of 30 ::: Uploaded on - 10/09/2015 ::: Downloaded on - 03/02/2020 18:08:37 :::