Emkay Global Financial Services said on Thursday the National Stock Exchange (NSE) has disallowed the annulment of trades carried out in a series of large erroneous orders by the brokerage on October 5, 2012.
Emkay said it is considering legal action, including challenging the decision.
Last October, a series of large erroneous orders were made on a broad basket of shares by a broker at Emkay that sent NSE's main index tumbling as much as 15.5 percent and forced suspension of trading for several minutes.
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