A legal notice is a written document sent to a person or company, informing that you have faced some grievances and you are planning to take legal action against them. In India, sending a legal notice is the first step of any legal proceeding. It is like a warning sent to the receiver which lays down certain conditions, which the receiver must follow.

SEBI has alleged that former top NSE executives "facilitated fraud" by failing to take preventive steps against brokerages gaining unfair access to the exchange's servers. Three brokerages allegedly gained preferential access to the NSEs high-speed algorithmic trading platform through its co-location service. They allegedly received market feeds faster than others, resulting in monetary gains.