Sree Iyer on NSE plans to go public despite cases in the courts

Because NASDAQ and NYSE went public on their own exchanges, perhaps India's National Stock Exchange (NSE) thought it would do the same. But what about the scams that it allowed to happen (co-location, HFT etc.) which are being heard in the courts? Has anyone paid even the token fines that SEBI levied on them? Should SEBI Chairman be someone from the industry?