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SEBI orders do not affect functioning as a stock exchange, says NSE

The watchdog passed five separate orders related to the co-location case, wherein some entities allegedly got preferential access in high-frequency trading

twitter-logo PTI        Last Updated: May 1, 2019  | 16:45 IST
SEBI orders do not affect functioning as a stock exchange, says NSE

A day after Sebi passed orders against it in the co-location case, National Stock Exchange said Wednesday the orders do not affect its functioning as a recognised stock exchange.

The markets regulator on Tuesday directed the bourse to disgorge profits worth over Rs 687 crore along with interest besides barring it from launching any new derivative products as well as from accessing the securities market directly or indirectly for six months.

Together with interest, the total disgorgement amount would be more than Rs 1,000 crore.

"Normal trading on NSE in all segments will continue from Thursday, May 2, 2019. Wednesday, May 1, 2019, is a trading holiday on account of May Day," the bourse said in a statement.

Sebi's orders would do not affect its functioning as a recognised stock exchange, the statement added.

The watchdog passed five separate orders, together with running into 400 pages, related to the co-location case, wherein some entities allegedly got preferential access in high-frequency trading.

Strict action has also been taken against some present and past executives of the exchange and some stockbrokers.

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