The document criticizes the Association of National Exchanges Members of India (ANMI) for not behaving like a proper self-regulatory organization and instead protecting some brokers who are being investigated for serious market violations. The author notes that ANMI is crowd-funding to defend brokers involved in malpractices at NSEL and questions if it will do the same for brokers involved in the NSE co-location scam. The author suggests that for ANMI to gain real status as an SRO, it needs to demonstrate zero tolerance for market abuses and prioritize investor interests over protecting members.