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Markets regulator SEBI has imposed a fine of ₹3 lakh on Crosseas Capital Services for not adhering to the code of conduct prescribed for a stock broker and other market norms while using NSE’s co-location facility.
Crosseas Capital Services is a registered stock broker.
The firm deliberately connected to the secondary server on 66 days in 2014 in the cash market segment without even attempting to connect to the primary server, in violation of NSE’s co-location guidelines, SEBI said.
Secondary server
The guidelines specifically mentioned not to connect to secondary server unless disconnection issue with primary server. Crosseas connected to secondary server on several occasions without making any complaint or reference about non-availability of data from tick-by-tick primary server, without any justifiable reasons and despite NSE’s advices, it said.
“Connecting to secondary/fall-back server without consent/permission of NSE repeatedly by the noticee being a member of NSE and registered stock broker is by no standards an act which an intermediary of ordinary prudence would resort to,” it added.
Since the conduct of Crosseas was in violation of market norms, SEBI levied a fine of ₹3 lakh on the firm.
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