The Competition Commission of India (CCI), the country’s anti-trust body, has slapped a penalty of Rs 55.5 crore on National Stock Exchange (NSE) for abuse of its dominance and predatory pricing in its currency derivatives segment.
CCI asked the bourse to pay the penalty within 30 days and stop subsidising services. “(There was) a clear intention on the part of NSE to eliminate competitors,” it said.
The Multi-Commodity Exchange (MCX) had sought CCI’s intervention to prevent NSE from offering several services at sharply lower charges. “Our next course will be to claim compensation for the losses and damages that we have incurred,” said Joseph Massey, managing director and CEO of MCX .
NSE said it will decide its course of action after reviewing the order and getting legal advice.