In the high profile co-location matter, markets regulator Sebi on Wednesday imposed a penalty of Rs 1 crore on the National Stock Exchange (NSE) for failing to ensure a level-playing field for trading members subscribing to its tick-by-tick (TBT) data feed system.
In addition, the regulator levied a fine of Rs 25 lakh each on NSE's former managing directors and chief executive officers Chitra Ramakrishna and Ravi Narain, according to a Sebi order.
Sebi said that NSE flouted the principles underlying the conduct of business of a stock exchange, pertaining to fair and equitable access to information.
The NSE has failed to comply with the provisions of SECC Regulations in letter and spirit and Ramakrishna and Narain are vicariously liable for the acts of omissions/ commissions committed by the exchange during the investigation period, Sebi said in the order.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU