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HomeIndiaSupreme Court directs SEBI to refund Rs 3 billion to NSE, say...

Supreme Court directs SEBI to refund Rs 3 billion to NSE, say lawyers

SEBI had ordered NSE to deposit nearly Rs 11 bn, including interest, in investor fund and barred it from raising money from securities market directly or indirectly for 6 months.

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New Delhi: The Supreme Court on Monday directed market regulator Securities and Exchange Board of India to refund 3 billion rupees ($36.3 million) to the National Stock Exchange in a case involving alleged lapses in the bourse’s systems, lawyers representing the parties said on Monday.

The top court also refused to stay a tribunal order, which had set aside the regulator’s ruling against NSE, the lawyers added.

In 2019, SEBI passed a series of orders against the NSE and its former chief executives, Chitra Ramkrishna and Ravi Narain, alleging that the exchange did not exercise due diligence while setting a network that allowed high-frequency traders unfair access to some network servers at the exchange.

SEBI had ordered the NSE to deposit nearly 11 billion rupees, including interest, in an investor fund and barred it from raising money from the securities market directly or indirectly for six months.

($1 = 82.6300 Indian rupees)

(Reporting by Arpan Chaturvedi and Jayshree P Upadhyay; Editing by Dhanya Ann Thoppil)

Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.


Also read: India markets regulator looks to plug gaps allowing founders to own stock options


 

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