The Securities Appellate Tribunal has admitted an appeal by brokerage firm Emkay Global Financial Services against a decision of the National Stock Exchange. The stock exchange had last week rejected the brokerage firm’s request to cancel an erroneous trade worth Rs 630 crore in October last.
The tribunal will hear the case on June 19.
Admitting the case, SAT has also directed the brokerage firm to produce all the details of the trading volume during that period and 90 days before the erroneous trade occurred.
A dealer at the brokerage house, Emkay Global, sent an erroneous order on October 5 to sell millions of shares in the companies trading in the Nifty. As a result the index was down by almost 15 per cent thus amounting to a loss of over Rs 350 crore on that day.