SEBI Fines Indian Exchanges for Lax Oversight of Brokerage Firm
National Stock Exchange of India building in the Bandra Kurla Complex district of Mumbai.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
India’s capital markets regulator penalized the country’s two largest stock exchanges for failing to detect the misuse of securities worth 23 billion rupees ($302 million) by a brokerage house.
Securities and Exchange Board of India penalized BSE Ltd. and the National Stock Exchange with fines worth 30 million rupees and 20 million rupees respectively for their “laxity” in two orders late Tuesday.