Mumbai-based broking firm Emkay Global Financial Services on Wednesday resumed operations on the National Stock Exchange (NSE) after a two-day suspension.
Emkay was ‘disabled from trading’ on Friday after it placed 59 erroneous orders for an institutional client for an aggregate value of Rs 650 crore which caused a sharp drop in the benchmark Nifty index. In a filing to the stock exchanges, Emkay on Wednesday said it had resumed providing services to its clients on NSE.
“We have resumed providing services to our clients on the NSE on Wednesday consistent with past practice, putting behind us the accidental occurrence of October 5,” it said in a statement. Shares of Emkay on Wednesday rose Rs 1.15, or 4.56 per cent to Rs 26.35 on NSE. The stock had come off more than 25 per cent in just three trading sessions following the ‘freak trade’ incident and after NSE disabled it from trading in the cash and derivatives segments.
Emkay on Wednesday said that they have now subjected all their trading and risk management systems to a further examination and have taken various steps to avert such errors in future.
