Emkay resumes trade on NSE
Last Friday, the firm had caused an erroneous sale order on the NSE, due to which it took a big financial hit
Emkay Global Financial Services today resumed operations on NSE after two days of trading disablement by National Stock Exchange (NSE) . Last Friday, the firm had caused an erroneous sale order on the NSE, due to which it took a big financial hit.
After the erroneous sale while executing a basket sale of the Nifty 50 stocks, NSE had disabled Emkay from trading in Cash and Derivatives segment pending review of the trades in question. In a filing to the stock exchanges, Emkay said that they have resumed providing services to their clients on the NSE.
"We have resumed providing services to our clients on the NSE today consistent with past practice, putting behind us the accidental occurrence of October 5, 2012," said the company in a statement.
Emkay further said that they have now subjected all their trading and risk management systems to a further examination and have taken various steps to avert such errors in the future. "We are well capitalised and continue to conduct our business for both institutional and retail clients. We continue to work with the NSE and the regulators to resolve issues arising out of the bona fide human error," the company further said.
At 10.55 am, Emkay Global Financial Services traded 9.92% higher on the NSE at Rs 27.70 compared to previous day's close. On the Bombay Stock Exchange, it traded 9.5% higher at Rs 27.65 compared to the previous day's close.