Left Menu
Development News Edition

Crosseas Capital Services fined for violating norms in use of NSE co-location facility

Markets regulator Sebi on Wednesday imposed a fine of Rs 3 lakh on Crosseas Capital Services for not adhering to the code of conduct prescribed for a stock broker and other market norms while using NSE's co-location facility.

PTI | New Delhi | Updated: 26-11-2020 11:10 IST | Created: 25-11-2020 22:23 IST
Crosseas Capital Services fined for violating norms in use of NSE co-location facility
Representative Image Image Credit: ANI

Markets regulator Sebi on Wednesday imposed a fine of Rs 3 lakh on Crosseas Capital Services for not adhering to the code of conduct prescribed for a stock broker and other market norms while using NSE's co-location facility. Crosseas Capital Services is a registered stock broker. The firm deliberately connected to the secondary server on 66 days in 2014 in the cash market segment without even attempting to connect to the primary server, in violation of NSE's co-location guidelines, Sebi said. The guidelines specifically mentioned not to connect to secondary server unless disconnection issue with primary server. Crosseas connected to secondary server on several occasions without making any complaint or reference about non-availability of data from tick-by-tick primary server, without any justifiable reasons and despite NSE's advices, it said. "Connecting to secondary / fall-back server without consent/permission of NSE repeatedly by the Noticee being a member of NSE and registered stock broker is by no standards an act which an intermediary of ordinary prudence would resort to," it added. Noticee refers to Crosseas Capital Services. Since the conduct of Crosseas was in violation of market norms, Sebi levied a fine of Rs 3 lakh on the firm.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

China: A savior for emerging markets or a poison pill?

... ...

Future of Urban Planning: Artificial Intelligence guiding the way

Advances in emerging technologies like Artificial Intelligence and Machine Learning can help us understand our cities better and derive useful insights from real-time data collected through automated models....

Videos

Latest News

Cricket-Egos bruised, beaten Australia ponder next step

While Australia emerged with few injuries from the epic test series against India, the players egos suffered heavily in defeat and may take time to recover from their bruising.Pace spearhead Mitchell Starc will head to Sydney for scans on h...

China stocks end higher on abundant liquidity; EV, healthcare shares shine

China stocks closed higher on Wednesday, with electric vehicle and healthcare shares leading the gains, as the central bank kept liquidity abundant to support economic recovery from the COVID-19. The Shanghai Composite index ended 0.47 high...

EXPLAINER-COVID-19 vaccine shots add to confusion over China's tests for travellers

A coronavirus antibody test that China has made mandatory for arriving travellers has provoked concerns over its effectiveness after one of a team of international health experts was briefly denied entry last week following a positive resul...

One Piece Chapter 1002: Supernovas vs Yonkos fight, Sanji helps Luffy against Kaido & Big Mom

The manga lovers will have to wait for around 10 to 11 days for One Piece Chapter 1002s release. The previous chapter brought many interesting things including Kaidos surprising revelation about his plans after the ending of Onigashima war....

Give Feedback