National Stock Exchange MD & CEO Vikram Limaye spoke to Shrimi Choudhary on the Sebi order cracking the whip on the bourse. Edited excerpts:
What are your views on the order?
Our legal counsel is examining the order and the disgorgement amount levied by Sebi. We will decide the future course of action.
Will the order hurt the NSE’s image?
The Sebi order has been expected for some time now. The order does not affect the exchange or its functioning in any manner, and has no negative implications on its business or market share. Trust in the NSE and the market is rock-solid and will continue to be that way. Investors will not face any disruption and all market segments on the NSE will function normally. The order states that the NSE can’t do any fundraising for six months, which means we need to wait for the IPO for another six months. Other than this, NSE as an institution will continue to function normally. We have done various things from a governance perspective as well as strengthened controls and processes.
What about the order against the NSE’s current employees?
Obviously, that has been spelt out in the Sebi order. There is a separate legal team handling the matter for exchange employees. After examining the whole order, the employees’ counsel will take a call whether they can appeal against the order.