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Imposition of fine on NSE by Competition Commission of India,[object Object],	             Presented by:,[object Object],                     Neeraj Jain       (2010130),[object Object],                     Nikhil Beriwal (2010133),[object Object],                           Section-C2DE,[object Object]
PRESENTATION OUTLINE,[object Object],Introduction about NSE, CCI & MCX-SX,[object Object],Services provided by NSE,[object Object],About the penalty,[object Object],Features of the penalty,[object Object],The reaction of NSE towards the penalty,[object Object]
COMPETITION COMMISSION OF INDIA,[object Object],It was established in 14 October 2003,[object Object],It has been started to support the objectives of Competition Act, 2002,[object Object],It is an independent authority of Indian Government and the Competition Watchdog,[object Object],Its main objective is to promote economic efficiency through competition,[object Object]
NATIONAL STOCK EXCHANGE,[object Object],It is the leading stock exchange of India,[object Object],Nifty is the calculator for NSE,[object Object],Nifty is derived by the performance of 50 large cap companies that are within NSE,[object Object],NSE has a market capitalization of around US$1.59 trillion,[object Object],NSE has over 1,552 listings as of December 2010,[object Object]
SERVICES PROVIDED BY NSE,[object Object],Trading in Capital Market, Derivatives Market, and Currency Derivatives,[object Object],NSE also offers trading in Retail govt. securities,[object Object]
MCX - SX,[object Object],MCX Stock Exchange (MCX-SX), was launched on October 7, 2008,[object Object],MCX-SX offers currency futures contracts in USDINR,  EURINR, GBPINR and JPYINR.,[object Object],Clearing and Settlement is conducted through the MCX-SX Clearing Corporation Ltd (MCX-SX CCL). ,[object Object],Daily turnover on July 1st was 18635 Cr.,[object Object]
REASONS FOR THE PENALTY,[object Object],NSE was abusing its dominant market position,[object Object],It adopted unfair trade practices and predatory pricing,[object Object],NSE reduced trade related fees to discourage other entities.,[object Object],Its clear intention was to eliminate competition from the market,[object Object],A complaint was filed by NSE’s young rival MCX-SX,[object Object]
SIMILAR EVENTS IN THE PAST,[object Object],In 2000, NSE waived transaction cost in equity derivatives segment,[object Object],In gold ETF segment NSE reduced charges,[object Object],Strike in 2009 by film producers who decided not to screen movie in multiplexes over payment matters,[object Object]
FEATURES OF THE PENALTY,[object Object],Penalty involves a sum of 55.5 Cr fine,[object Object],The penalty is equivalent to five per cent of the NSE's three-year average turnover,[object Object],Order was given to terminate the subsidizing service immediately,[object Object],The fine has to be paid  within 30 days,[object Object]
REACTION OF NSE,[object Object],NSE considered to decide its future course of action after studying the legal aspects,[object Object],It can challenge the decision at Competition Appellate Tribunal or the Courts,[object Object],It would act after obtaining the opinion of their legal advisors,[object Object]
FUTURE CIRCUMSTANCES NSE MIGHT FACE,[object Object],MCX-SX is planning to file a case for claiming the compensation for the losses and damages,[object Object], Its due to NSE's predatory pricing and other anti-competition moves,[object Object],The sources have estimated that the claim could be near about Rs 450-500 Cr.,[object Object]
REFERENCES,[object Object],http://www.nseindia.com/,[object Object],http://www.thehindubusinessline.com/,[object Object],http://competitionlawyer.blogspot.com/,[object Object],http://www.thestatesman.net/,[object Object],http://economictimes.indiatimes.com/,[object Object],http://www.mcx-sx.com/,[object Object],http://www.cci.gov.in/,[object Object]
Imposition of fine on NSE by Competition Commission of India
Imposition of fine on NSE by Competition Commission of India

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Imposition of fine on NSE by Competition Commission of India

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