The stock of Emkay Global will be at the receiving end this week following last week “erroneous trades.” While the company did not disclose the losses, the media estimates it as “Rs 51 crore.” Soon after the incidence, the NSE disabled Emkay Global trading activity to facilitate investigations and primarily to prevent any further exposure until this settlement is over. Emkay Global clarified that “all our remaining clients’ outstanding positions are intact.” It also sought annulment of the trades. “We are hopeful that this obvious and apparent error would justify the annulment of these trades, and believe in the NSE’s professional management to see the merits for annulment, which is the practice worldwide.” It remains to be seen whether the NSE, which along with SEBI, is probing the incident, will annul the deals that caused huge losses.
Will NSE annul Emkay’s ‘erroneous trades’
October 7, 2012: