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Infotech Financial, NSE official get stay against NSE in co-location case

Securities Appellate Tribunal directs Sebi to file its reply within six weeks.

Press Trust of India  |  New Delhi 

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NSE's order in co-location case stayed.

The (SAT) has granted interim stay on Sebi's order against Ajay Shah, Infotech Financial Services, its two company directors as well as NSE's senior official Suprabhat Lala in the co-location case.

The in 2009 had engaged Shah and for a research project. However, the entities allegedly developed an algorithm (algo) trading software by misusing confidential data from the NSE, according to

In separate orders while granting interim relief to Infotech and others, the SAT said more than 10 years have elapsed and the entities were associated with the market during this period and no complaint on any other score has been found against them.

Besides, "the data which is alleged to have been used by the appellants (Infotech and others) for preparation of Algo trading software was explained by to be in the public domain in related proceedings made against NSE," the tribunal said in the orders dated May 7.

Meanwhile, Sebi's order barring the entities from the market shall remain stayed till further orders, the tribunal said, and listed the matter for further hearing on July 22.

The tribunal has directed the Securities and Exchange Board of India (Sebi) to file its reply within six weeks.

Earlier, had barred leading academic Ajay Shah, and its two directors -- Sunita Thomas and Krishna Dagli -- as well as NSE's Assitant Vice President Suprabhat Lala from the markets for two years for misusing data for their commercial gains by developing algo trading products for sale in the securities market.

First Published: Wed, May 08 2019. 23:32 IST