Sebi fines BSE Rs 25 lakh over early access to information
MUMBAI: Markets regulator Sebi has fined
BSE
Rs 25 lakh for several erroneous business practices including sharing company announcements with its paid clients ahead of the same being published on its website.
The BSE was also fined for allowing client code modifications for trades between two unrelated institutional clients without any due diligence. The order used strong words, terming its acts as "omissions, laxity and negligence with a certain amount of lethargic approach" that should not be "exonerated" since such acts were carried out by a "first level of regulator", that is the exchange. "At stake was the sanctity of exclusive regulatory duty of BSE.
Such duty, if allowed to be violated with impunity, will be a serious setback to the image of BSE and Sebi. "
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