Advertisement

HindustanTimes Thu,23 Oct 2014

NSE sets panel to look into flash trade profits

HT Correspondent, Hindustan Times  Mumbai, January 07, 2013
First Published: 22:17 IST(7/1/2013) | Last Updated: 22:21 IST(7/1/2013)

The National Stock Exchange (NSE) has set up a subcommittee to look in to the profits made by brokers during the flash trade last year and the payment to the brokers has been withheld.

Advertisement

Market sources say the brokers, mostly beneficiaries, who had taken positions during the flash trade of October 5 last year, had written to NSE on October 9.

“In the letter, the brokers requested out-of-exchange settlement and asked NSE to withhold the payment till the issue is resolved. The NSE has formed a sub-committee to resolve the issue,” said a person close to the development.

http://www.hindustantimes.com/Images/Popup/2013/1/08_01_13-buss24d.jpg

On October 5, Nifty had lost 15.5% after the flash crash following erroneous orders placed by Emkay Global. NSE’s circuit filter was triggered at 10%.

“NSE has not reached any decision yet,” the NSE spokesperson said when asked about annulling the trades done by brokers during the flash crash.

Meanwhile, the brokers, who have benefited from the flash crash said that the NSE had earlier promised that the transactions done during the flash trade would not be annulled.

A person close to the development said no such agreement had been reached between the NSE and the brokers.


Advertisement
more from Business

HDFC profit rises 7% to Rs. 1,358 cr; revenue up 12%

India’s largest private sector mortgage lender, Housing Development Finance Corp, on Wednesday posted a 7% year-on-year rise in standalone net profit to Rs. 1,358 crore during the second quarter against Rs. 1,266 crore in the year-ago period.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved