- The markets regulator found that the National Stock Exchange had failed to ensure equal access for all brokers to the exchange's network servers.
- Tuesday's order followed a more than three-year investigation by Sebi into allegations that NSE officials had provided some high frequency traders unfair access through co-location servers placed at the site of exchange, which could speed up algorithmic trading.
- In one of the largest fines imposed by it, Sebi ordered the NSE to pay within 45 days about Rs 625 crore - the profit the stock exchange made from its co-location operations.
- The NSE has also been asked to pay an interest rate of 12 per cent a year effective from April 2014 to the Investor Protection and Education Fund.
- Analysts say the Sebi order on the NSE will not affect the markets.
- "With this (the Sebi order), a hangover regarding the NSE IPO is gone," AK Prabhakar, head of research at IDBI Capital, told NDTV. "There is a roadmap now... In a way it's positive. It does not impact the trading sentiment at all."
- The NSE had originally planned to go public in 2017 but this was delayed due to an investigation into the co-location operations.
- In its statement on Wednesday, the NSE said trading in all segments will continue the next day. The stock markets remained shut on Wednesday for the Maharashtra Day holiday. The financial markets had also remained shut on Monday as the state voted for the general election.
- A spokesperson for the NSE had said on Tuesday: "NSE is in the process of examining SEBI Order passed today and will take appropriate steps as may be legally advised."
- NSE has a fully-integrated business model comprising exchange listings, trading services, clearing and settlement services, indexes, market data feeds, technology solutions and financial education offerings, according to its statement.
(With inputs from Reuters)
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