June 21, 2018 / 12:23 PM / 3 months ago

UPDATE 1-India's SEBI to act against entities in NSE probe over servers

(Updates to add market measures)

By Abhirup Roy

MUMBAI, June 21 (Reuters) - India’s market regulator said on Thursday it will initiate action against entities and individuals following an investigation at the National Stock Exchange (NSE) into whether high frequency traders were getting unfair access to some network servers at the exchange.

“We have taken a view what is to be done, and actions are being initiated against various entities which includes institutions and individuals,” Ajay Tyagi, the Securities and Exchange Board of India chairman, told a news conference after a board meeting.

SEBI has been investigating allegations that NSE officials had provided high frequency traders unfair access through co-location servers placed at the site of exchange, which could speed up algorithmic trading.

In another move, the regulator said it would allow companies to announce the price range for an initial public offering two days before the opening of the sale.

Currently firms have to announce the price five days prior to an IPO, and the change will reduce the risks arising from potential volatility in domestic and global markets, analysts said. (Reporting by Abhirup Roy; Editing by Simon Cameron-Moore)

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