Three persons settle NSE 2021 trading glitch case with SEBI
22 October 2024
Three members of the crisis management team at the National Stock Exchange (NSE) have settled a case with the Securities and Exchange Board of India (SEBI) related to the trading glitch that occurred in February 2021. Instead of monetary penalties, the settlement terms require the executives to engage in community service focused on investor education and awareness for 14 days. Additionally, they are mandated to complete and pass relevant training courses. The individuals involved are Ravi Varanasi, then Chief Business Development Officer; K S Somasundaram, Chief Enterprise Risk & Information Security Officer; and Mayur Sindhwad, Chief Operating Officer at the time of the incident.
The trading glitch on February 24, 2021, caused a nearly four-hour trading halt at the NSE due to telecom link failures, which disrupted the online risk management system of NSE Clearing Ltd (NCL), a subsidiary responsible for clearing and settlement of trades on the exchange. Last week, NSE, NCL, and three senior executives settled with SEBI by paying a settlement amount of ₹72.64 crore. SEBI's order, issued on Wednesday, officially closed the adjudication proceedings initiated against the three executives.
Three members of the crisis management team at the National Stock Exchange (NSE) have settled a case with the Securities and Exchange Board of India (SEBI) related to the trading glitch that occurred in February 2021. Instead of monetary penalties, the settlement terms require the executives to engage in community service focused on investor education and awareness for 14 days. Additionally, they are mandated to complete and pass relevant training courses. The individuals involved are Ravi Varanasi, then Chief Business Development Officer; K S Somasundaram, Chief Enterprise Risk & Information Security Officer; and Mayur Sindhwad, Chief Operating Officer at the time of the incident. The trading glitch on February 24, 2021, caused a nearly four-hour trading halt at the NSE due to telecom link failures, which disrupted the online risk management system of NSE Clearing Ltd (NCL), a subsidiary responsible for clearing and settlement of trades on the exchange. Last week, NSE, NCL, and three senior executives settled with SEBI by paying a settlement amount of ₹72.64 crore. SEBI's order, issued on Wednesday, officially closed the adjudication proceedings initiated against the three executives.
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