904-NMS-1220-15-F4.DOC themselves reckless and defamatory of the NSE. The article clearly alleges illegality and criminality in the actions of the NSE. It goes further and accuses the NSE of being “like a fortress” and unwilling to part with any information or to provide any clarification. 2. On 14th January 2015 an anonymous letter in hard copy was sent to Mr. B.K. Gupta, the Deputy General Manager of the Market Regulation Department of SEBI.1 This document was copied to Ms. Dalal. It is a most technical eight page letter and it appears to detail at very considerable length what it describes as the illegality or impropriety in “high-frequency trades” (“HFT”) or algorithmic trades (“algo trades”) facilitated by NSE’s allowing co-location of its servers. I do not claim to be able to understand every single one of the financial and technical details that are set out in this anonymous letter, but I think that is of little moment at this interim stage. On 19th June 2015, several months after the anonymous letter, appeared the article on moneylife.in of which the NSE now complains. 3. This article contained the following statements that the NSE says constitute defamation. These are reproduced from paragraphs 11, 16 and 18 of the plaint. “11(i) Finance Ministry nudges regulators in Mumbai to probe NSE’s HFT scam. (ii) ...certain institutions registered for HFT...were allowed to profit illegally by the NSE’s (National Stock Exchange) insiders...” immediately preceded by the 1 Plaint, Exhibit “A1”, p. 44 3 of 30 ::: Uploaded on - 10/09/2015 ::: Downloaded on - 03/02/2020 18:08:37 :::