The Supreme Court on Monday directed the market regulator to refund Rs 300 cr to the National Stock Exchange of India (NSE) in a case involving alleged lapses in the bourse's systems, lawyers representing the parties said on Monday.
The top court also refused to stay a tribunal order, which had set aside the regulator's ruling against NSE, the lawyers added.
In 2019, SEBI passed a series of orders against the NSE and its former chief executives, Chitra Ramkrishna and Ravi Narain, alleging that the exchange did not exercise due diligence while setting a network that allowed high-frequency traders unfair access to some network servers at the exchange.
SEBI had ordered the NSE to deposit nearly Rs 1,100 crore, including interest, in an investor fund and barred it from raising money from the securities market directly or indirectly for six months.
Published 20 March 2023, 10:44 IST