The National Stock Exchange (NSE) said today that it has terminated the services of A Sebastin, an assistant vice-president in the Inspection Department. Though the bourse said the termination was due to non-completion of some requirements, sources alleged the action was because Sebastin had joined the exchange's rival — MCX. "The employee concerned did not met the company's requirements and consequently, his services were terminated," NSE said in a statement,adding the termination was "entirely an employer-employee issue and has nothing to do with the employee's subsequent career moves".
However, market sources said that Sebastin had joined the MCX group of exchanges, promoted by Jignesh Shah-led Financial Technologies India, and there were some dispute between Sebastin and NSE over the payment of his dues.
While MCX officials and Sebastin could not be contacted for comments, sources said that Sebastin has also sent a notice to NSE seeking release of his dues, which he was entitled to at the time of his leaving the exchange.
Earlier this week, NSE also issued a 'public notice' in newspapers that Sebastin was not working with the company since April 3.
In his capacity as assistant vice-president (Inspection) of the NSE, Sebastin was dealing with compliance-related work pertaining to trading members of the exchange.
"In any manner, if any one deals with the said A Sebastin, then he does so at his own risk and the company is not liable for the same. All such persons or parties will also be liable to legal action as the company may deem fit," NSE had said in its public notice.
According to sources close to Sebastin, he had joined MCX after getting all the necessary documents from NSE, but was yet to get his dues from the exchange as he was joining a rival company.
However, NSE said, "This is amply borne out by the fact that our employees have been able to join competing organisations, after they have been properly relieved having completed the formalities with us".
The exchange said it insists on proper severance and completion of formalities between its prospective employees and their previous employers and likewise, proper completion of formalities are required before an employee leaves.
