SAT admits Emkay plea against NSE decision on erroneous trades

The Securities and Appellate Tribunal will hear the case on 19 June

Published9 May 2013, 12:29 PM IST

NSE last week denied the brokerage’s application to cancel the erroneous trades that had resulted in the 50-share Nifty index dropping by 15.5% in the first half of 5 October. Photo: Hemant Mishra/Mint — NSE last week denied the brokerage’s application to cancel the erroneous trades that had resulted in the 50-share Nifty index dropping by 15.5% in the first half of 5 October. Photo: Hemant Mishra/Mint (Hemant Mishra/Mint)

Mumbai: The Securities and Appellate Tribunal (SAT) on Thursday admitted an appeal by Emkay Global Financial Services Ltd against the National Stock Exchange of India Ltd’s (NSE) decision not to annul erroneous trades carried out by the broking firm last year.

add_main_imageThe tribunal will hear the case on 19 June.

NSE last week denied the brokerage’s application to cancel the erroneous trades that had resulted in the 50-share Nifty index dropping by 15.5% in the first half of 5 October. Trading was halted for 15 minutes as the crash had triggered the index circuit filter.NextMAds

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

The trades were non-algorithmic in nature, according to the exchange. However, freak trades triggered by erroneous algorithms have caused a trading freeze in Nifty futures and some stocks even before this incident.

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First Published:9 May 2013, 12:29 PM IST

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