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NSE withdraws defamation suit against Moneylife

LiveMint logoLiveMint 12-09-2017 Jayshree P. Upadhyay

Mumbai: The National Stock Exchange of India Ltd on Tuesday withdrew a Rs100-crore defamation case against Moneylife magazine and its founders Debashis Basu and Sucheta Dalal.

Moneylife is a fortnightly personal finance magazine published by Moneywise Media Pvt. Ltd.

NSE had filed a defamation suit against the publication house in July 215 after Moneylife published a whistleblower letter in June 2015, which alleged that the bourse had given preferential access to certain brokers while accessing its algorithmic trading platform.

NSE did not offer any comments while confirming the developments.

The move comes two months after Vikram Limaye joined the exchange as its new Managing Director and Chief Executive Officer (CEO). It also comes at a time when NSE has applied to the market regulator, Securities and Exchange Board of India, or Sebi, for settling the charges of unfair access without admission of guilt.

While NSE withdrew the defamation suit, NSE paid Rs 1.5 lakh each to the two founders, and Rs 47 lakh to two charitable trusts, as ordered earlier by the Bombay High Court bench led by Justice Gautam Patel in July 2015, Moneylife said in a press release. NSE had appealed against the order in August 2015.

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