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NSE to review data sharing third-party pacts since 2009

NSE to review data sharing third-party pacts since 2009

The Securities and Exchange Board of India (Sebi), has directed the National Stock Exchange (NSE) to review all third-party agreements that have a data-sharing component entered by it from year 2009 onwards.

Accordingly, the NSE has been directed to take necessary legal actions against the parties with whom such agreements were signed "wherever any actions of irregularity, breach of terms and conditions and other provisions of such agreements are observed".

Why NSE has been directed for strict data protection measures?

The direction on disclosures of conflict of interest assumes significance after a massive breach of corporate governance norms was observed in the case in connection to noted public policy academician Ajay Shah for collusion to access confidential market information for business purposes.

Shah and his wife Susan Thomas are credited with co-creating the NSE Nifty50 index. He has had an illustrious stint at various high-level positions, including Ministry of Finance.

However, in what could have been a criminal conspiracy worthy of celluloid screen, Shah along with some of his immediate family members created a virtual family enterprise and used their connections with NSE officials to gain a computing contract for Liquidity Index.

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