New Delhi: The National Stock Exchange (NSE) is currently examining the Sebi order, barring it from the securities market for six months in the years long co-location issue and directing it to pay a penalty of Rs 1,000 crore, to decide its future course of action, its MD & CEO Vikram Limaye said.
“We are currently examining the order,” Limaye told IANS. To a specific question, whether NSE would challenge the Sebi order, he said: “The order has come just last (Tuesday) evening. Our lawyers are still examining the order. We have different options. Once we get appropriate advice from lawyers and we discuss within the board, then we will decide our future course of action.”
Limaye also asserted that the order will have no bearing on its businesses even during the ensuing six months period. Asked if NSE will be calling a board meeting to discuss its legal team’s advice on this, he said: “We already have a board meeting scheduled for our year-end results.
We will discuss the Sebi order and the legal advice in the meeting.” With regard to action against some of the employees (ex CEOs) of the NSE who have been indicted in the Sebi report, he said that the exchange would wait for legal advice, which is expected within the next 15 days. The NSE MD & CEO said the implied meaning of the order on its proposed IPO is that the fund raising has to wait for another six months.
The order says that we can not tap the public market for the next six months which is an indication of the timeline of the IPO… which will obviously mean that we have to wait for six months,” he said. Limaye also clarified there is no bar on launching new products on the Gift City exchange and that the Sebi order only prohibits launching new derivatives products in the domestic market.