Complete FT software audit in four weeks: HC

The Bombay High Court On Monday asked the National Stock Exchange (NSE) to complete the audit of exchange solutions provider Financial Technologies' (FT's) software in four weeks.

KPMG has been appointed to audit the software.

The exchange had put FT’s front-end trading solution, CTCL, on the watch list in October 2008 for alleged flaws in it. FT, in turn, had dragged NSE to court.

On January 31, 2009, Justice Anand Nirgude had directed NSE to provide demonstrations, approvals and trading ID passwords to existing and new and purchasers of FT products in equity and equity F&O segments, for which FT was empanelled as a vendor by NSE. The HC had also directed the third-party audit to be completed by March 1.

On Monday, on the FT counsel's submission that approval for his client's empanelled products should be granted without further delay, the Court said that if approvals were not given within a week, the solutions provider had the right to file an affidavit with the court.