Emkay to appeal against NSE's refusal to annul trades

Emkay Global Financial Services on Thursday said it would appeal against the National Stock Exchange’s (NSE) refusal to annul trades, which led to the collapse of NSE’s broad-market index, Nifty, by 15 per cent in October 2012.

“As stated by us to stock exchanges earlier today, we intend to exercise our statutory right to appeal the decision,” Emkay said in response to NSE’s refusal. The brokerage refused to make any comments on the issue. The incident, which occurred on October 5, 2012, was attributed to erroneous trades by a broker at Emkay which led to trading being suspended for a few minutes.

“We wish to reiterate that we remain well capitalised and continue to conduct our business as usual, servicing clients across institutional and retail segments of the market,” said the statement by Emkay.