Directions: In the following passage, some words have been deleted. Select the most appropriate option to fill in each blank.

The co-location services offered by the NSE, which give market operators willing to pay a ___(1)___ a headstart on exchange trading data and refine their own algorithms for high-frequency trades, are ___(2)___ by SEBI but were ostensibly misused by certain players. The NSE’s case entails an unfair advantage provided to some brokers ___(3)___ its co-location user community. Whatever the defenders of such services may say, the premise of giving players with deeper pockets quicker and more information than the average retail investor does not ___(4)___ with an open market philosophy. That institutional mechanisms, from the NSE’s board and auditors, to SEBI, an independent regulator ___(5)___ to Parliament, have not delivered, is a larger worry. Nearly three years have passed ___(6)___ SEBI’s ₹624 crores fine on the NSE for misuse of its co-location services and the latest order against its former top brass. A matter where the sanctity of the entire market comes under a cloud should have been ___(7)___ with a tad more urgency. The CBI special court has observed that SEBI, which began this ___(8)___ in 2016, has been ‘too kind and gentle’, while the CBI, after filing an FIR in 2018, has been ‘most lackadaisical’. With a new SEBI chief in place, the Government, led by the Finance Minister who is ___(9)___ the handling of the NSE case, must ensure some ___(10)___ action is accompanied by a review of checks and balances in current governance structures.