SEBI has dismissed charges of fraudulent and unfair trade practices against the National Stock Exchange (NSE) and seven former employees, including ex-CEOs Chitra Ramkrishna and Ravi Narain, in the co-location case due to insufficient evidence. The case, which emerged in 2015 following whistleblower complaints, alleged that select brokers received preferential access to NSE's servers, gaining unfair trading advantages. The dismissal follows SEBI's extensive investigation that failed to establish collusion between NSE officials and OPG Securities. Despite recognizing lapses in NSE's monitoring and co-location policy, SEBI concluded these were not sufficient to prove wrongdoing. This decision might facilitate NSE's IPO plans, pending other regulatory approvals. The case had previously led to arrests and ongoing probes by the CBI and ED.