NSE, Former Chief Settle Sebi Case, Pay Rs 643 Cr
By Rediff Money Desk, New Delhi Oct 04, 2024 18:11
NSE, former CEO Vikram Limaye, and others have settled a case with SEBI regarding alleged bypass of the trading access point (TAP) system. They paid Rs 643 crore to resolve the matter.
New Delhi, Oct 4 (PTI) The National Stock Exchange (NSE), its former chief Vikram Limaye and eight others on Friday settled with markets regulator Sebi a case pertaining to alleged bypass of trading access point (TAP) system by certain brokers after paying Rs 643 crore.
Apart from NSE and Limaye, those who settled the case are -- Umesh Jain G. M. Shenoy, Narayan Neelakantan, V. R. Narasimhan, Kamala K, Nilesh Tinaikar, R Nandakumar and Mayur Sindhwad.
TAP was a software application deployed by NSE in 2008 on the servers of trading members for managing connections and messages (orders/trades) of such members. Trading members, registered with NSE, connected to TAP to establish communication with the NSE trading system.
In its settlement order, Sebi said that NSE, on behalf of itself and other applicants, has remitted the settlement amount of Rs 643 crore on September 25, 2024, the receipt of which is confirmed.
Accordingly, "the proceedings initiated against the applicants vide the SCN (show cause notice)dated February 28, 2023 are hereby disposed of," it added.
The Securities and Exchange Board of India (Sebi) conducted an examination with respect to the TAP Architecture and Network Connectivity of NSE to ascertain the possibility of a bypass of TAP by trading members, the manner in which a complaint dated November 20, 2013 was dealt with by the exchange and possible lapses on the part of the bourse and whether such lapses led to any violation of securities laws.
After conclusion of the examination, a show cause notice was issued by Sebi in February 2023, alleging NSE did not take remedial measures to prevent / discourage any possible bypass of TAP among others.
Apart from NSE and Limaye, those who settled the case are -- Umesh Jain G. M. Shenoy, Narayan Neelakantan, V. R. Narasimhan, Kamala K, Nilesh Tinaikar, R Nandakumar and Mayur Sindhwad.
TAP was a software application deployed by NSE in 2008 on the servers of trading members for managing connections and messages (orders/trades) of such members. Trading members, registered with NSE, connected to TAP to establish communication with the NSE trading system.
In its settlement order, Sebi said that NSE, on behalf of itself and other applicants, has remitted the settlement amount of Rs 643 crore on September 25, 2024, the receipt of which is confirmed.
Accordingly, "the proceedings initiated against the applicants vide the SCN (show cause notice)dated February 28, 2023 are hereby disposed of," it added.
The Securities and Exchange Board of India (Sebi) conducted an examination with respect to the TAP Architecture and Network Connectivity of NSE to ascertain the possibility of a bypass of TAP by trading members, the manner in which a complaint dated November 20, 2013 was dealt with by the exchange and possible lapses on the part of the bourse and whether such lapses led to any violation of securities laws.
After conclusion of the examination, a show cause notice was issued by Sebi in February 2023, alleging NSE did not take remedial measures to prevent / discourage any possible bypass of TAP among others.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Vodafone Idea L
- 9.37 (+ 2.18)
- 29704690
- GTL Infrastructure
- 2.23 (+ 0.90)
- 23886913
- Spicejet Ltd.
- 61.80 (+ 7.37)
- 16263352
- G V Films
- 0.95 (+ 3.26)
- 13198905
- Suzlon Energy Ltd.
- 72.48 (+ 2.11)
- 13021867
MORE NEWS
Sensex, Nifty Flat After Firm Opening: Stock...
Indian stock markets opened strong on Tuesday, led by Sensex and Nifty gains, but...
Rupee Rises 6 Paise to 83.94 vs US Dollar - News
The Indian rupee gained 6 paise to 83.94 against the US dollar in early trade on...
Augustinus Bader Skincare & Haircare Launches...
Tira brings Augustinus Bader's luxury skincare and haircare to India, offering...