Debashis Basu - Moneylife magazine
On 19 June 2015, Moneylife magazine published a letter from a whistleblower alleging the exchange had given unfair advantages to high-frequency traders. On 21 July 2015, the National Stock Exchange (NSE) filed a Rs 1 billion suit against Moneylife and its founders, Debashis Basu and Sucheta Dalal, for defamation. In September 2015, the Bombay High Court dismissed the case and ordered NSE to pay Rs 150,000 to Basu and Dalal, along with a penalty of Rs 470,000 to local charities. While delivering the order, Justice Gautam S Patel said, "The suit and the NSE’s conduct seem to me attempts at deflection and evasion. I also believe this entire action to be a gross abuse of the process of this Court... This is an approach that must be deprecated... Our Courts are not to be treated as playgrounds for imagined and imaginary slights for those who command considerable resources." NSE initially filed an appeal but withdrew the case on 12 September 2017.