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Mumbai: The Nationwide Inventory Alternate (NSE), its former chief govt Vikram Limaye and eight others have settled a case of misuse of buying and selling entry level (TAP) system by sure brokers with market regulator Sebi by paying ₹643 crore.
The eight others who’ve settled the case embrace Umesh Jain, GM Shenoy, Narayan Neelakantan, VR Narasimhan, Kamala Ok, Nilesh Tinaikar, R Nandakumar and Mayur Sindhwad.
TAP was a software program software deployed by NSE in 2008 on the servers of buying and selling members for managing connections and messages (orders) of such members. Brokers registered with NSE linked to TAP to ascertain communication with the NSE buying and selling system. The regulator had performed an examination of the TAP structure and community connectivity of NSE to see whether or not the system was bypassed by sure brokers.
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