SEBI's conduct in the entire National Stock Exchange scam is not only bizarre but shows that the market regulator was sitting on the investigation for over four years. Political opposition parties are already alleging that SEBI has deliberately delayed its probe and when its order was pronounced, it was a case of too little, too late.

The CBI is already investigating the co-location case under which NSE gave preferential treatment by providing early access to the trading system to some brokers, who made a huge Rs 75,000 crore in 'extra' profits.

Observers find it surprising that with the services of a well-known cyber forensics expert, SEBI has everything it needs to crack the identity of the elusive 'yogi' who is at the centre of the NSE scam. In fact, SEBI could have identified this 'yogi' in a matter of days with the help of the (CBI), or in a matter of weeks with the help of the nearest police station.

NSE has been in the eye of a storm ever since its former Managing Director and CEO Chitra Ramkrishna revealed that she had been taking 'guidance' from an unknown 'Himalayan yogi' to run the exchange and was sharing confidential information with him.

Observers are also surprised at SEBI's response to the report of audit and advisory firm Ernst&Young. The regulator had itself hired EY as well as Deloitte to investigate the co-location scam in 2017. EY had submitted its report, which had included an analysis of e-mails exchanged between Ms Ramkrishna and 'outside' influences. But SEBI dismissed the EY finding, terming it 'inadequate' and 'contradictory'.

The mega-crore question remains: Will the government take action in the shocking NSE scam or will the issue die a natural death as time passes?