NSE said Emkay had placed 59 erroneous orders that resulted in multiple trades with an aggregate value of over Rs 6.5 billion.
Mumbai: The National Stock Exchange said financial firm Emkay Global Financial Services was responsible for the erroneous trades of over 6.5 billion rupees that caused a halt in the bourse's trading systems. The bourse said Emkay had placed 59 erroneous orders that resulted in multiple trades with an aggregate value of over 6.5 billion rupees on behalf of an institutional client.
The non-algorithmic trades were identified to a specific dealer terminal, the NSE said in a statement. Trading on National Stock Exchange (NSE) was halted for around 15 minutes on Friday morning as freak trades triggered a 15 percent drop in the Nifty.
NSE futures and options markets traded as normal throughout, while trading on Sensex was also uninterrupted.
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