SEBI: NSE, its former chief Vikram Limaye and others settle TAP case, payment of 643 crore

New Delhi| The National Stock Exchange (NSE), its former chief Vikram Limaye and eight others on Friday settled a case with market regulator SEBI over the exchange’s alleged failure to plug the loopholes in the TAP (trading access point) system. Rs 643 crore has been paid for this settlement.

This is one of the largest settlement amounts ever. This settlement will pave the way for NSE’s much-awaited initial public offering (IPO). In which there was delay due to this dispute. The matter was settled “by means of a compromise order, without accepting or rejecting findings of fact and findings of law”.

Apart from NSE and Limaye, those who solved the case include Umesh Jain, GM Shenoy, Narayan Neelkantan, VR Narasimhan, Kamla K, Nilesh Tinacker, R Nandakumar and Mayur Sindhwad.