GET Stock QuotesNews18 APP
News18 English

SPONSORS

Powered by cricketnext logo
»
1-min read

High Frequency Trading: NSE Vice Chairman Ravi Narain Resigns

NSE Vice Chairman Ravi Narain had put in his papers amid regulators intensifying their probe into alleged lapses in high-frequency trading offered through the exchange's 'co-location' facility.

PTI

Updated:June 2, 2017, 4:04 PM IST
facebookTwittergoogleskypewhatsapp
High Frequency Trading: NSE Vice Chairman Ravi Narain Resigns
Buildings are reflected on the glass windows of the NSE (National Stock Exchange) building in Mumbai. (Image: Reuters)

Mumbai: NSE Vice Chairman Ravi Narain had put in his papers amid regulators intensifying their probe into alleged lapses in high-frequency trading offered through the exchange's 'co-location' facility.

The role of some top officials including Narain, who is also an ex-CEO of the bourse, is also being looked into by markets regulator Sebi.

Sources said Narain stepped down as Vice Chairman to ensure that Sebi is able to take appropriate steps in the co- location case in a fair manner.

He has taken the decision keeping in mind best corporate governance practices, they added.

The Finance Ministry is also keeping a "close watch" on the case and wants Sebi to fast-track the investigations as it involves the country's largest stock exchange in terms of turnover and may have a bearing on the overall market sentiment, sources had earlier said.

The case relates to some brokers allegedly getting preferential access through co-location facility at the NSE, early login and 'dark fiber' which can allow a trader a split-second faster access to data feed of an exchange. Even a split-second faster access is considered to result in huge gains for a trader.

Narain has been with NSE since its inception in 1994 when late R H Patil set up this exchange as India's first automated bourse and an alternative to BSE, the then the country's largest exchange.

He had served as managing director and CEO of the stock exchange for 12 years.

Read full article
Next Story
facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Jubilant Food 2,093.30 +149.95 +7.72
Yes Bank 349.35 +8.15 +2.39
ITC 274.55 +1.15 +0.42
ICICI Bank 353.60 +7.45 +2.15
SBI 309.25 +6.00 +1.98
Company Price Change %Gain
ICICI Bank 353.55 +7.45 +2.15
HDFC 1,900.45 +3.45 +0.18
Sunteck Realty 417.15 +18.95 +4.76
Power Grid Corp 196.00 -1.20 -0.61
Maruti Suzuki 9,321.35 -37.65 -0.40
Top Gainers
Company Price Change %Gain
Indiabulls Hsg 1,301.80 +58.10 +4.67
Adani Ports 433.45 +17.20 +4.13
Bajaj Finance 1,701.90 +41.20 +2.48
Yes Bank 349.35 +8.15 +2.39
ICICI Bank 353.60 +7.45 +2.15
Company Price Change %Gain
Adani Ports 433.75 +19.40 +4.68
Yes Bank 348.30 +8.05 +2.37
ICICI Bank 353.55 +7.45 +2.15
SBI 309.05 +6.30 +2.08
TCS 2,954.75 +44.65 +1.53
Top Losers
Company Price Change %Gain
Ambuja Cements 268.60 -7.05 -2.56
UltraTechCement 4,300.00 -108.65 -2.46
Infosys 1,143.45 -9.25 -0.80
Sun Pharma 572.10 -4.60 -0.80
Maruti Suzuki 9,323.95 -44.75 -0.48
Company Price Change %Gain
Infosys 1,143.25 -9.50 -0.82
Sun Pharma 572.00 -4.25 -0.74
Maruti Suzuki 9,321.35 -37.65 -0.40
ONGC 193.60 -0.45 -0.23
NTPC 172.35 -0.15 -0.09

Live TV