Unbecoming of an exchange

-by dr. gs sood

 

NATIONAL Stock Exchange (NSE) has in the recent past been in the news for all the wrong reasons. A stock exchange has two primary functions to perform. One, to provide a platform to enable investors to buy and sell securities in the most efficient and transparent manner. Two, it essentially functions as the ground level regulator to ensure that the market functions smoothly wherein all participants follow the rules of the exchange to avoid any default or crisis and protects the interests of investors, especially small or retail investors who are considered more vulnerable than other participants. Unfortunately, the exchange has not only been found wanting on both these counts, but has indeed been indulging in what can best be described as unbecoming of an exchange of the stature of NSE.

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