Sebi fines NSE, bans ex MDs |
The Securities and Exchange Board of India (Sebi) has fined the National Stock Exchange on Tuesday to pay 158 million dollars for favoring few brokers to make gains using unauthorized trading software, networks and servers. Market regulator Securities and Exchange Board of India (Sebi) has directed the National Stock Exchange on Tuesday to pay 158 million dollars for favoring a few brokers to make gains using unauthorized trading software, networks and servers in the same room where the main trading servers of the exchange were located. The market regulator has also banned both the former managing directors of the exchange- Ravi Narain and Chitra Ramkrishna from the market for the period of five years each. The exchange can not come out with its IPO during this period. It has asked NSE not to introduce any new derivatives contracts for the next six months. Sebi has also banned former finance ministry official and a professor of economics, Ajay Shah from associating with any listed company for a period of two years. He had used the confidential trading data from the exchange for his personal benefits. Many other people and software vendors have also been either banned or fined by Sebi who helped the brokers to make illegal gains.
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