 "BSE issues guidelines on reviewing trade repeals")
According to the mechanism to review cancelled transactions, trading members, whose request for the trade cancellation is rejected, can give a request to review the same at the e-mail ID — bse.tar@bseindia.com.
The review request has to be given with details, including trade cancellation unique request ID.
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The BSE said it would refer the review request, along with relevant particulars, to the exchange's trading and surveillance oversight committee, which will then provide its recommendations to the stock exchange within 30 days of the receipt of the review request.
"The pay-out with respect to both securities and funds as may be applicable relating to the settlement of such trades shall be withheld till such review is completed," the exchange said in a circular on Wednesday.
On receipt of the recommendation from the trading and surveillance oversight committee, BSE said it "would convey the decision as soon as possible but not later than two working days".
"The decision taken by the trading and surveillance oversight committee shall be final and binding on all parties and pay-out shall be released accordingly," it added.
The review request for the equity segment need to be received by the exchange on first day after the trades (T+1) by 6 pm. For equity derivatives and currency derivative segment the review request has to be send on the day of the trades by 8 pm.
Erroneous or freak trades also include trades taking place due to malfunctioning of a trading system, as also the transactions executed due to a punching error by a dealer, which in the market parlance is known as 'fat-finger trades'.
BSE would disseminate details of trade annulment review request and committee’s decision on its website.