Chitra Ramakrishna, the former chief act of the National Stock Exchange (NSE), has challenged the decision not to disclose the documents related to the market regulator SEBI’s Trading Access Point (TAP) case. In October, NSE, its former MD and CEO Vikram Limaye and eight others resolved the case related to the misuse of TAP by repaying the disposal of Rs 643 crore to SEBI.
Ramakrishna demanded documents related to this disposal. Considering his appeal, the Securities Appellate Tribunal said on Friday that the NSE had objected to the revelations of the documents. Since the disposal includes nine other aspects. Therefore, the tribunal has directed that he should be informed about the filing of Ramakrishna’s appeal. Other parties involved in settlement can share their opinion about maintaining privacy or disclosing.
Last year, Ramakrishna was relieved in the co-location case when SEBI’s full-time member Kamlesh Varshney withdrew the allegations against him, NSE, Ravi Narayan and Anand Subramanian, citing lack of evidence in confirmation of the allegations. Was.
The market regulator issued a show cause notice to the exchange in February 2023 in the TAP case. The notice was given after the information that the system was expected to be misused by the brokers and the NSE did not take appropriate steps of improvement.
TAP is a software Ae plan developed by NSE and is used by share brokers to establish communication (order/trade) with the exchange system of the exchange. It was launched in 2008 and continued in the equity segment till September 2019.