NSE, Limaye and eight others pay fine to Sebi to settle TAP case

Mumbai: The National Stock Exchange (NSE), its former chief executive Vikram Limaye and eight others have settled a case of misuse of trading access point (TAP) system by certain brokers with market regulator Sebi by paying ₹643 crore.

The eight others who have settled the case include Umesh Jain, GM Shenoy, Narayan Neelakantan, VR Narasimhan, Kamala K, Nilesh Tinaikar, R Nandakumar and Mayur Sindhwad.

TAP was a software application deployed by NSE in 2008 on the servers of trading members for managing connections and messages (orders) of such members. Brokers registered with NSE connected to TAP to establish communication with the NSE trading system. The regulator had conducted an examination of the TAP architecture and network connectivity of NSE to see whether the system was bypassed by certain brokers.