Sebi orders do not affect functioning as an exchange, says NSE

New logo of National Stock Exchange (NSE) displayed outside the headquarter, in Mumbai on Thursday, August 16, 2018. Photo: PTI

A day after Sebi passed orders against it in the co-location case, National Stock Exchange said Wednesday the orders do not affect its functioning as a recognised stock exchange.

The markets regulator on Tuesday directed the bourse to disgorge profits worth over Rs 687 crore along with interest besides barring it from launching any new derivative products as well as from accessing the securities market directly or indirectly for six months.

Together with interest, the total disgorgement amount would be more than Rs 1,000 crore.

"Normal trading on NSE in all segments will continue from Thursday, May 2, 2019. Wednesday, May 1, 2019 is a trading holiday on account of May Day," the bourse said in a statement.

Sebi's orders would do not affect its functioning as a recognised stock exchange, the statement added.

The watchdog passed five separate orders, together running into 400 pages, related to the co-location case, wherein some entities allegedly got preferential access in high frequency trading.

Strict action has also been taken against some present and past executives of the exchange and some stock brokers.

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