Is Sebi's Rs 1,100 cr penalty on NSE too harsh? By global standards, yes

The bigger impact of Sebi's order may be on NSE's culture. The company achieved dominance in a short time, leaving its much older rival, the Bombay Stock Exchange, in the dust.

The way the cost of financial misconduct has been rising globally, a $158 million fine may seem like loose change.
 

However, the Securities & Exchange Board of India has delivered much more than a slap of the wrist with its disgorgement order against the National Stock Exchange of India Ltd. over an algorithmic trading scandal.
 

Including five years of interest at 12 percent, the Rs 625 crore penalty works out to Rs 1100 crore, or about $158 million. That’s a fraction of the $110 billion bill Bank of America Corp. and JPMorgan Chase & Co. have run up between them