Mumbai HC bars Hyderabad based Manshi Systems from copying NSE data

MUMBAI: The Bombay High Court has passed an interim order against Hyderabad-based Manshi Systems, restraining it from replicating the Nationa Stock Exchange's website with out its permission. The bourse had dragged Manshi to court accusing the firm of using NSE's NOW platform (an online trading facility) and database in real time without taking any licence. This is the first such in stance of intellectual property rights infringement in India's stock exchange history.

Manshi Systems, led by Manjulata Singh, was using the same through a website -http:www.manshi.co. in -whereby its customers could access NSE's NOW trading platform and database through some other software called Manshi. The real-time data feed was being il legally routed to its customers through Manshi software, giving an impression to its customers that the data used by them has been legally provided by Manshi and that they have the valid rights from the NSE.

As soon as NSE detected this it moved the Bombay High Court against the Manshi Systems and global domain name registrar Go Daddy operating company for infringement of rights over computer database and expression thereof.

Following the interim order, the website has been pulled down temporarily.

“Selling and providing realtime data by stock exchange is a commercial venture and it is sold at a premium. Since they have a high commercial value, meddling with the same is a violation and cannot be tolerated,“ said Manish Saurastri, partner, Krishna and Saurastri Associates,which is representing NSE.

The NSE has also passed on details of infringers to capital market regulator Sebi.

In the meantime, Manshi has sought to do an out-of-court settlement with the NSE. The exchange has put up a claim of Rs 1 crore against Manshi Systems.