NSE pays Rs 4.87 crore as settlement fee to sort out case with SEBI
Zee News
The National Stock Exchange of India Ltd has settled with markets regulator Sebi a case pertaining to alleged violation of Straight Through Processing services guidelines after paying Rs 4.87 crore towards settlement fee.
New Delhi: The National Stock Exchange of India Ltd (NSEIL) on Wednesday settled with markets regulator Sebi a case pertaining to alleged violation of Straight Through Processing (STP) services guidelines after paying Rs 4.87 crore towards settlement fee.
It was alleged that NSEIL functioned as a STP centralised hub without obtaining the renewal of approval from Sebi and also failed to ensure if its STP service providers were having valid approvals, which resulted in violation of several provisions of the STP Guidelines.
Generally, financial firms use STP to pass information electronically in order to optimise the speed at which they process transactions. This eliminates the need for a hands-on re-entry of data that has already been completed at the source.
