Supreme Court Orders SEBI to Refund ₹3 billion to National Stock Exchange of India
Supreme Court Orders SEBI to Refund ₹3 billion to National Stock Exchange of India
The Supreme Court of India directed the Securities and Exchange Board of India (SEBI) to refund $36.3 million to the National Stock Exchange of India (NSE) concerning alleged system lapses in the exchange.
In 2019, SEBI passed a series of orders against the NSE and its former Chief Executives Chitra Ramkrishna and Ravi Narain, alleging that the bourse did not exercise due diligence while setting up a network that provided unfair access to high-frequency traders for some network servers at the exchange.
SEBI had ordered the NSE to deposit nearly ₹11 billion, including interest, into an investor fund within six months. The directive came after the SEBI found lapses in the system of the exchange.
The Supreme Court declined to overturn the tribunal's decision to nullify the regulator's judgment against NSE.
