The Competition Commission of India (CCI) has asked the Nation Stock Exchange (NSE), to pay a penalty of Rs 555mn within 30 days and also immediately stop subsidising its services, the fine has been imposed on NSE after being proved guilty for trying to eliminate competitors in the relevant market.
NSE has been directed to “cease and desist from unfair pricing, exclusionary conduct and unfairly using its dominant position in other markets to protect the relevant currency derivatives market with immediate effect.”
The CCI has also asked the bourse to maintain separate accounts for each segment with effect from April 1, 2012, and modify its zero price policy in the currency derivatives market and levy appropriate transaction costs within 60 days.
The exchange has also been asked to provide its brokers free choice to select the trading software systems for the consumer derivatives segment, under the overall supervision of market regulator SEBI.