• Sebi imposes Rs 11 cr fine on NSE, seven others in algo trade software case

    30 June

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