The National Stock Exchange, its former chief Vikram Limaye and eight others on Friday settled with markets regulator Sebi a case, pertaining to alleged failure to address the bourse's TAP (trading access point) system deficiencies, after paying Rs 643 crore.
This will be one of the highest settlement amounts and will pave the way for NSE's much-awaited initial public offering, which was delayed following the co-location issue.
The matter was settled "without admitting or denying the findings of facts and conclusions of law, through a settlement order".
Apart from NSE and Limaye, those who settled the case are Umesh Jain GM Shenoy, Narayan Neelakantan, VR Narasimhan, Kamala K, Nilesh Tinaikar, R Nandakumar and Mayur Sindhwad.
TAP was introduced in 2008 to manage communication between trading members and NSE's trading system, but it had several issues, including security lapses, delays in improvements, and inadequate action on complaints.
Despite introducing alternative systems, TAP continued to be used until 2019 for equities and 2020 for other segments. -- PTI