Home / Market / Stock-market-news /  Emkay files appeal in SAT over erroneous trades

Mumbai: Emkay Global Financial Services Ltd challenged a decision by the National Stock Exchange of India Ltd (NSE) not to annul erroneous trades carried out by the broking firm last year. The appeal was filed before the Securities and Appellate Tribunal (SAT).

“Yes, we have appealed in SAT, but have not been given a date of hearing," an Emkay official said, requesting anonymity.

Emkay had said that it was considering legal action, including challenging the decision, after the NSE ruling last week.

The erroneous trades saw the 50-share benchmark Nifty index drop 15.5% in the first half of the day on 5 October. Trading was halted for 15 minutes as the crash triggered the index circuit filter.

NSE said 59 erroneous orders worth 650 crore placed by Emkay triggered the halt and the member had been disabled from trading.

The trades were not carried out by automated computer programmes, according to the exchange. Freak algorithmic trades have led to trading halts in Nifty futures and some stocks even before this incident.

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