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NSE files defamation suit for reports on algo-trading

nseNSE has today filed a defamation suit against an organization for publishing what it called unsubstantiated and misleading reports against the exchange.

The suit also names the officials of the organization that published such reports, the exchange said.

“The exchange has sought withdrawal of those reports etc, as well as, has made a claim of Rs 100 cr seeking damages against falsification and unsubstantiated allegations (which can be revised upwards),” it said, without naming the organization.

These reports under contention referred to algo trading mechanism etc, said NSE.

“As you know NSE, since its inception has been maintaining a high degree of surveillance and integrity in its day to day operation strictly adheres to the rules, regulations and guidelines issued by the regulators from time to time,” it added.

The matter is now pending in the High Court of Mumbai, it said.

India has one of the world’s toughest defamation laws, which includes both criminal as well as civil proceedings. The Supreme Court is currently hearing a petition against criminal defamation.

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