India's Emkay says bourse disallows annulment of erroneous trades

Source : REUTERS
Last Updated: Thu, May 02, 2013 13:18 hrs

MUMBAI, May 2 (Reuters) - India's 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 Oct. 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. (Reporting by Prashant Mehra; Editing by Prateek Chatterjee)

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