The order, however, did not go into whether any financial gain was made by the alleged misuse of the NSE data. According to Sebi, this is how the alleged misdemeanour unfolded: The NSE had engaged the services of Infotech Financial Services Pvt. Shah, who was on the board of National Securities Clearing Corp. Ltd in August 2012, failed to disclose this conflict of interest to NSE and its officials, the Sebi order said. “The examination conducted by Sebi revealed that trading data that was received by Infotech from NSE for research in the LIX project was being misused for developing algorithm trading products," said S.K. Shah, however, said there was no conflict of interest or connection between building an index and an algorithmic trading platform.

Source: Mint May 02, 2019 04:52 UTC