NSE and Former Chief Settle Major Case with SEBI
The National Stock Exchange (NSE), its former chief Vikram Limaye, and others settled a case with SEBI for allegedly bypassing trading access points, paying Rs 643 crore. The settlement ends proceedings initiated by SEBI, which investigated potential bypass of TAP, a system managing trading member connections and messages.
- Country:
- India
The National Stock Exchange (NSE) and its former chief, Vikram Limaye, have reached a settlement with the market regulator, SEBI, over allegations related to the bypassing of trading access point (TAP) systems by specific brokers, agreeing to pay Rs 643 crore in settlement.
This settlement includes several individuals, including Umesh Jain, G. M. Shenoy, and Narayan Neelakantan, among others, who were also implicated in the case. The TAP system, implemented by NSE in 2008, facilitates communication between registered trading members and the exchange's trading system.
SEBI's examination focused on the potential for TAP system bypassing and any associated lapses by NSE, ultimately leading to a show cause notice in early 2023. The settlement effectively concludes this enquiry, with NSE and the involved parties remitting the settlement amount on September 25, 2024.
(With inputs from agencies.)
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