Sebi imposes Rs 11 cr fine on NSE, seven others in algo trade software case
Capital markets regulator regulator Sebi on Thursday imposed penalties totalling Rs 11 crore on 8 entities, including National Stock Exchange (NSE) and its former chiefs Chitra Ramkrishna and Ravi Narain, in a case pertaining to software related to algorithmic trading.
The regulator has levied a fine of Rs 1 crore each on NSE, Ramkrishna and Narain. Also, a fine of Rs 1 crore has been imposed on Suprabhat Lal, who was a NSE official at the time of violation.
Also, the regulator slapped a penalty of Rs 3 crore on Ajay Shah, who was on the board of NSE's subsidiary NSSCL, Rs 2 crore on Infotech Financial Services Ltd, a company which was in the business of developing algorithmic software and selling it to market participants. A fine of Rs 1 crore each has been imposed on the latter's directors -- Sunita Thomas and Krishna Dagli. Thomas is the wife of Suprabhat Lal and sister-in-law of Ajay Shah. The case relates to NSE not awarding the contract for computing Liquidity Index (LIX) to its own specialised subsidiary, IISL