NEW DELHI: National Stock Exchange chief Vikram Limaye on Wednesday mentioned there's "light at the end of the tunnel" after the Sebi orders in co-location case and all criminal options might be explored sooner than deciding the long run course of action. A day after the marketplace watchdog passed orders in the excessive profile co-location case, in which the trade has additionally been directed to disgorge profits value over Rs 1,000 crore, Limaye additionally asserted that there can be no bearing on the functioning of the NSE.
"When you look at the orders, you see that there is no evidence of any unfair trade practice or fraudulent trade practice... We are not being charged of any unfair or fraudulent practices," he told in an interview.
On Tuesday, Sebi directed the country's biggest trade to disgorge profits value over Rs 1,000 crore in the co-location case, in which some entities allegedly were given preferential get entry to in excessive frequency trading.
The bourse has additionally been banned from launching any new derivative merchandise as well as from accessing the securities marketplace at once or indirectly for 6 months.
Strict motion has additionally been taken in opposition to some present and previous executives of the trade and a few inventory brokers.
Limaye, who's the managing director and chief government officer, famous that there is not anything pending from the regulatory standpoint in the co-location subject.
"It is certainly positive because till this point of time, we had no closure of the matter in terms of an order or some decision from the regulator... There is at least light at the end of the tunnel. From Sebi's perspective, this is the end of the matter," he mentioned.
Alleged lapses in high-frequency trading presented via NSE's co-location facility came below the scanner of the watchdog after a complaint used to be filed in 2015.
Limaye mentioned that lately, all criminal options are to be had and the trade has to get criminal recommendation in a holistic way with regards to what's in the most productive interest of the institution as well as the pros and cons of various options.
"We have to get legal advice on the employees situation and on the IPO situation, depending on what course of action we might take," he added.
When asked about the current gadget, Limaye mentioned it used to be "very robust" and more than a few issues have been installed place from a possibility management standpoint. "Significant revamp and clean up that has already happened," he added.
With the regulator barring the bourse from launching any new derivative merchandise for 6 months, the NSE chief mentioned that now one of the crucial new product plans must be placed on hang.
"We had some plans for new contracts in commodities etc because that is a new segment for us. Some of those will have to be delayed for six months based on what our original plans were," Limaye mentioned.
On whether the disgorgement would have a monetary have an effect on on the NSE, he mentioned that Rs 1,100 crore used to be not a small quantity for any company.
"We have been escrowing colo revenues for sometime now. From that perspective, cash is available since we are keeping it in a separate account," he added.
In a statement, the trade mentioned that ordinary trading would proceed in all segments from Thursday and that Sebi's orders do not impact its functioning as a recognised inventory trade.
"When you look at the orders, you see that there is no evidence of any unfair trade practice or fraudulent trade practice... We are not being charged of any unfair or fraudulent practices," he told in an interview.
On Tuesday, Sebi directed the country's biggest trade to disgorge profits value over Rs 1,000 crore in the co-location case, in which some entities allegedly were given preferential get entry to in excessive frequency trading.
The bourse has additionally been banned from launching any new derivative merchandise as well as from accessing the securities marketplace at once or indirectly for 6 months.
Strict motion has additionally been taken in opposition to some present and previous executives of the trade and a few inventory brokers.
Limaye, who's the managing director and chief government officer, famous that there is not anything pending from the regulatory standpoint in the co-location subject.
"It is certainly positive because till this point of time, we had no closure of the matter in terms of an order or some decision from the regulator... There is at least light at the end of the tunnel. From Sebi's perspective, this is the end of the matter," he mentioned.
Alleged lapses in high-frequency trading presented via NSE's co-location facility came below the scanner of the watchdog after a complaint used to be filed in 2015.
Limaye mentioned that lately, all criminal options are to be had and the trade has to get criminal recommendation in a holistic way with regards to what's in the most productive interest of the institution as well as the pros and cons of various options.
"We have to get legal advice on the employees situation and on the IPO situation, depending on what course of action we might take," he added.
When asked about the current gadget, Limaye mentioned it used to be "very robust" and more than a few issues have been installed place from a possibility management standpoint. "Significant revamp and clean up that has already happened," he added.
With the regulator barring the bourse from launching any new derivative merchandise for 6 months, the NSE chief mentioned that now one of the crucial new product plans must be placed on hang.
"We had some plans for new contracts in commodities etc because that is a new segment for us. Some of those will have to be delayed for six months based on what our original plans were," Limaye mentioned.
On whether the disgorgement would have a monetary have an effect on on the NSE, he mentioned that Rs 1,100 crore used to be not a small quantity for any company.
"We have been escrowing colo revenues for sometime now. From that perspective, cash is available since we are keeping it in a separate account," he added.
In a statement, the trade mentioned that ordinary trading would proceed in all segments from Thursday and that Sebi's orders do not impact its functioning as a recognised inventory trade.
There is light at the end of the tunnel: NSE chief
![There is light at the end of the tunnel: NSE chief]()
Reviewed by Kailash
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May 02, 2019
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