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<ul><li><keyword id="35210" type="General" weightage="20" keywordseo="sebi" source="Orion">SEBI</keyword> has put out a consultation paper on <keyword id="152818" type="General" weightage="20" keywordseo="algorithmic-trading" source="Orion">algorithmic trading</keyword> by retail investors yesterday.</li><li>The market regulator has suggested additional restrictions before executing an algo trade to which online broking firms providing such services have raised their concerns.</li><li><keyword id="6377626" type="General" weightage="20" keywordseo="algo-trading" source="Orion">Algo trading</keyword> means a sell/buy order gets executed automatically when the pre-defined levels are met.</li></ul>A consultation paper by India’s market regulator Securities and Exchange Board of India (SEBI), that came out on December 9, regarding algorithmic trading by retail investors is a topic of concern for online trading platforms offering automated services to trade in the stock market. Algorithmic/algo trading means a sell/buy order gets executed automatically when the predefined levels are met. For example: You have 10 stocks of ABC company bought at ₹10 and you feel the stock will move up to ₹20. In such a case you can put an upper limit to the selling price and execute a trade beforehand. This sets you free from monitoring the stock every minute and executing the trade conveniently. So, definitely it feels like algo trading is the future, but apparently there are many concerns for the regulator regarding the misuse of such automated products especially by retail investors who have a small ticket size (average amount of investment). "This kind of unregulated/unapproved algos pose a risk to the market and can be misused for systematic market manipulation as well as to lure the retail investors by guaranteeing them higher returns. The potential loss in case of failed algo strategy is huge for retail investor [sic],” said SEBI in the consultation paper. Some of the key factors from <keyword id="12710158" type="General" weightage="20" keywordseo="sebi-consultation-paper" source="Orion">SEBI consultation paper</keyword> that indicates it wants to control algo services for retail investors. <ul><li>Stock exchanges — BSE, NSE — should approve all algo trades before execution from stock brokers.</li><li>Stock exchanges need to develop a system to ensure that only those algos which are approved by the exchange and having unique algo ID provided by the exchange are being deployed.</li><li>Brokers shall also deploy suitable technological tools to ensure that appropriate checks are in place to prevent unauthorised altering/tweaking of algos.</li><li>All algos developed by any entity have to run on the servers of broker wherein the broker has control of client orders, order confirmations, margin information etc</li><li>Stock brokers need to have adequate checks in place so that the algo performs in a controlled manner.</li><li>Stock broker is responsible for all algos emanating from its application programming interface (APIs) and redressal of any investor disputes.</li></ul>SEBI has put out the paper to seek comments from various stakeholders including market intermediaries. One of the online broking platforms that offer algo services to investors says that SEBI may want to control the automated process. “SEBI has put [out] a consultation paper with the intent of curbing unregulated algo platforms that promise guaranteed returns. But the way it's planned will mean brokers will have to stop offering APIs. This will be 2 steps back in a tech-first future,” said Nithin Kamath, founder and chief executive officer (CEO) of <keyword id="759851" type="General" weightage="20" keywordseo="zerodha" source="Orion">Zerodha</keyword> in a tweet. Deepak Shenoy, founder and CEO at wealth management firm Capitalmind said the problem isn’t algorithms, it's the way humans are misusing the technology. “The problem wasn’t the algorithm. It did exactly what it was supposed to do. But the human thinking that technology could save the day was exactly what ruined the day. Too many people blindly relied on technology that didn't know how to deal with the compounding effects of its own actions,” said Shenoy. Head of investment platform Dhan — Pravin Jadhav — also shared his views on SEBI’s recommendations saying SEBI is not intending to ban it, but wants more accountability on such trades. “SEBI wants stock exchanges to know which orders are coming from where and how; as a regulator it is a very fair ask [sic]. If you are worried because you are doing something wrong, then you shouldn’t be doing that in the first place,” said Jadhav. SEBI’s growing concerns over misuse of the automated features to trade in stocks is in line with the increasing popularity of algo trading platforms especially for young investors. In the consultation paper, SEBI is asking brokers to get exchange approvals for every algo trade, which is ‘an extremely tedious and complex process’ as per Kamath. Disallowing APIs will just shift investors from using broker APIs to third party automation tools which aren't in the control of the brokers. API establishes an online connection between a data provider (i.e., stock broker) and an end-user (i.e., client). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/metro-brands-that-is-open-for-ipo-is-aggressively-planning-on-opening-new-stores-despite-covid-19s-impact-on-its-profits/articleshow/88204220.cms">Metro Brands is aggressively planning on opening new stores despite COVID-19’s impact on its profits</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/pharmeasy-ipo-is-now-facing-a-rejection-plea-from-traders-lobby/articleshow/88207514.cms">After chemists’ body, traders demand rejection of PharmEasy’s IPO</a>

Tech-enabled broking firms like Zerodha raise concerns over SEBI’s views on algo trading

If you know the basics of buying and selling shares via online portals, you may know what a limit order is. You can tell the system that you would like to buy or sell a share if and when it hits a certain price. <div type="image" title="What is limit price?" msid="88306163" hostid="261"></div> Now, imagine that you want to add layers to this instruction, for e.g., I want to buy <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword> Futures every time it slips down to the 50-day moving average. Now, remember that if, say, the Nifty has gone up 10% in a month, the 50-day average at the end of the month is different from what it was at the start of the month. You could add multiple such instructions with <keyword id="834399" type="General" weightage="20" keywordseo="algorithms" source="Orion">algorithms</keyword> that can trade on your behalf. You can’t be staring at the screen all the time. But a bot, or an algorithm, can watch these levels for you and execute the trade even if you are busy watching funny videos on Instagram Reels. This is commonly known as <keyword id="6377626" type="General" weightage="20" keywordseo="algo-trading" source="Orion">algo trading</keyword>. You can read the basics of it <a href="https://www.businessinsider.in/stock-market/markets/an-algo-trading-starter-kit-for-those-who-would-like-to-learn/articleshow/88304203.cms">here</a>. These are some of the examples of algos available in the market and how much they cost. <div type="image" title="algo vendors-price" msid="88306175" hostid="261"></div> India’s market regulator Securities and Exchange Board of India (<keyword id="35210" type="General" weightage="20" keywordseo="sebi" source="Orion">SEBI</keyword>) <a href="https://www.businessinsider.in/stock-market/news/tech-enabled-broking-firms-like-zerodha-raise-concerns-over-sebis-views-on-algo-trading/articleshow/88208031.cms">said</a> it wants to regulate <keyword id="6368158" type="General" weightage="20" keywordseo="trading" source="Orion">trading</keyword> done via bots and hell froze over. If you are new to this topic, the overwhelming chatter on both traditional and social media may have been of little help if the goal was to understand how it works and, therefore, what risks it poses. Simply put, it’s been portrayed as a battle between the man and the machine a la The <keyword id="65520" type="General" weightage="20" keywordseo="matrix" source="Orion">Matrix</keyword>. <div type="image" title="The Matrix" msid="88306193" hostid="261"></div> In one phrase, everything that a human can do, intentionally, s/he can do it at much faster and at a much, much larger scale with the help of an algo. That includes the bad things as well. The point is, with or without algorithms, rogue traders come and go, and ruin the market for everyone else. Then why is SEBI trying to tighten the leash on algo traders specifically. With algos, you can trade in microseconds, you can execute a lot more trades via algo on any given day/hour/minute. And, if you’re a manipulator, you can hurt a lot more people, a lot quickly and severely, with the power of algorithms. So, one point that everyone agrees is that this space needs to be regulated. So, where is the disagreement? In the whos and hows. Let’s first break down the many risks posed by the use of algo. <div type="image" title="Risks" msid="88306236" hostid="261"></div>Now in each one of these cases, the issue may be genuine, but the disagreement is on how it should be tackled and who should be responsible for it. Technology will always be a step ahead of regulations, and the regulators will have to catch up. However, one important thing we have learnt from The Matrix trilogy is that the future will be one where the bots and humans learn to coexist. Sooner the better. There is room for consensus here and that would mean both sides, SEBI and the brokers, keep calm and talk. So, what are the possibilities for a consensus? Here’s an explainer. <div type="image" title="Explainer" msid="88306262" hostid="261"></div>

SIMPLY PUT: The algo fight is all about who should bell the bots

There is no country in the world in terms of "margin protection" better than <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> where technology is extensively used to protect clients' securities, <keyword id="63783" type="General" weightage="50" keywordseo="securities-and-exchange-board" source="Orion">Securities and Exchange Board</keyword> of India (<keyword id="35210" type="General" weightage="100" keywordseo="sebi" source="Orion">SEBI</keyword>) chairperson Madhabi Puri <keyword id="1040391" type="General" weightage="80" keywordseo="buch" source="Orion">Buch</keyword> said on Friday. The SEBI chief said that foreign investors often tell her that she was fortunate to have in the country a culture of data and technology, which is making the role of the capital market regulator effective. "There is huge technology change in the entire market. It has never been done anywhere in the world ever...and we did it in India. So, today in terms of margin protection - the protection of client's securities - there is nobody better in the world than India," Buch said in her lecture on 'Data and Technology in the Capital Market'. The event was organised by the Indian Institute of Management-Bangalore to mark its 49th Foundation Day celebrations on Friday. Explaining how data is used for surveillance to check malpractices during trading, the SEBI chairperson said the study of algorithm and alerts make it easy to study the trading pattern of people and understand that this is 'insider trading'. SEBI has also embedded a QR code which, Buch said, was quite radical. When it is scanned, one can see a video clip, which showed the 'Delta' positions of the particular individual whose trading pattern is reflected. "You look at that film, and you say, 'this is insider trading. This cannot be anything else'. So, we use data in our surveillance," the SEBI chief explained. The regulatory body is also using technology to check 'front running' in the mutual fund market. She, however, said SEBI too had some setbacks because the regulation has not kept pace with technology but it is trying to fix the problem in the next few months. The SEBI chief said the board is now using 'Suptech' or Supervisory Technology as well to inspect and make sure that everybody's following the rules. Citing an example from the mutual fund industry, she said SEBI started collecting data from all the 44 mutual fund houses operating in the country. As the data started coming in, SEBI told the industry that they are going to develop 80 algorithms and explained to them the logic and the interpretation of SEBI laws in the light of the algorithm emanating from the data. According to Buch, many of her colleagues were quite upset as they were against revealing the algorithm and questioned the objective behind it. Buch, however, said she gave an explanation that satisfied them. "The objective of the regulator is not to catch people doing bad things but to prevent them from doing bad things. So, we declared that we are now going to make this 80 algos," she explained. Today, SEBI conducts inspections every quarter, which otherwise could be done on a daily basis, because the board wanted to give the industry time to find their own mistakes and fix them instead of showing up every day, Buch said. "Now, this is only the beginning because this is the easy stuff. So, what's the tough stuff? The tough stuff is where you have to try and find violations of the spirit of the law, and not the letter of the law," the SEBI chief said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/global-health-that-operates-medanta-hospitals-to-open-its-2205-cr-on-november-3/articleshow/95142371.cms">Global Health that operates Medanta Hospitals to open its ₹2,205 cr on November 3</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/pm-modi-lauds-paytm-commends-reach-of-digital-payments-in-far-off-places/articleshow/95144686.cms">PM Modi lauds Paytm, commends reach of digital payments in far-off places</a>

No country better than India in using tech to protect clients' securities: SEBI chief

New Delhi, Feb 10 () Sebi has barred 15 entities from securities market for carrying out unauthorised investment advisory activities and directed them to desist from acting as investment advisor until further orders. The entities which have been barred include Investmart, Profit Redefine Financial Solution, Analog Research, Money Booster, Billionaire Solutions, Capital Exchange India, Trade Money Research, Money Capital Investment, Mahankal Capital, Rushabh Research and Algo Solution. Passing an interim order against the firms and their proprietors, Sebi, among other directions, asked the entities to withdraw all advertisements in relation to their investment advisory services or any other unregistered activity in the securities market. The entities may file their objections within 21 days from the date of the order, Sebi said in an order dated February 7. The regulator said it "prima facie appears that the noticees were knowingly concealing the fact that they are not registered with Sebi as an investment advisor and were also making representations on their website in a reckless and careless manner about their expertise in investment advisory thereby luring and inducing investors to deal in securities by availing their services." The order came after Sebi received several complaints alleging that the entities were involved in unauthorised investment advisory activities. The entities have prima facie violated Prohibition of Fraudulent and Unfair Trade Practices norms as well as investment advisers norms, it said. In a separate order, Sebi suspended SIC Stocks and Services from registering new clients for two months for its failure to transfer securities to clients' demat account within the prescribed time period. Besides, the regulator noted that the broker accepted cash from a client for securities transactions or as margin for purchase of securities from the client. SRS AST RVK

Sebi bars 15 entities from acting as investment advisor

<ul><li>The listing of <keyword id="547041" type="General" weightage="20" keywordseo="tega-industries" source="Orion">Tega Industries</keyword> is currently the most awaited one after it was subscribed 219 times after three days of the issue.</li><li>Tega Industries provides customised solutions to the mining, bulk material handling and transportation industry.</li><li>Shares of the company are demanding a premium of ₹300 in the grey market, indicating a strong listing on Monday.</li></ul>Tega Industries — a manufacturer of consumables for the mining industry — will get listed on exchanges tomorrow. The IPO was in huge demand among investors, seeking an overall subscription of 219 times. The public issue reported a strong demand from non-institutional buyers, retail investors as well as qualified institutions. Adding to it, the attractive grey market premium charmed many investors to subscribe to the IPO. Currently, shares of the company are demanding a premium of ₹300 in the grey market, indicating a strong listing on Monday, December 13. However, the grey market premium has come down in the last 10 days from ₹410 to ₹300. Tega Industries provides customised solutions to the mining, bulk material handling and transportation industry like manufacturing of wear resistant lining components required for grinding, sizing and others. It has a product portfolio of more than 55 mineral processing and material handling products. The company has six manufacturing sites, including three in India — Dahej in Gujarat, Samali and Kalyani in West Bengal, and three sites in major mining hubs of Chile, South Africa and Australia. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tech-enabled-broking-firms-like-zerodha-raise-concerns-over-sebis-views-on-algo-trading/articleshow/88208031.cms">Tech-enabled broking firms like Zerodha raise concerns over SEBI’s views on algo trading</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/pharmeasy-ipo-is-now-facing-a-rejection-plea-from-traders-lobby/articleshow/88207514.cms">After chemists’ body, traders demand rejection of PharmEasy’s IPO</a>

Tega Industries’ listing tomorrow, GMP at ₹300 indicates strong listing

<ul><li>Pharmacy retail chain Medplus Health Services is looking to raise ₹1,639 crore through IPO.</li><li>The company offers both offline and online sales of pharmaceutical products through website and mobile application.</li><li>Azim Premji’s PI Opportunities Fund is among the promoters of the company selling its shares through the IPO.</li></ul>Hyderabad-based pharmacy retail chain Medplus Health Services’ ₹1,398 crore initial public offering (IPO) is all set to open today, December 13, and close on December 15. The IPO consists of a fresh issue of ₹600 crore worth of shares and an offer for sale of shares worth ₹798.29 crore by selling shareholders. 18 shareholders will be selling shares in the IPO including PI Opportunities fund, which is an affiliate of PremjiInvest. PremjiInvest is the family office of billionaire Azim Premji, founder chairman of Wipro. The company is India's second-largest pharmacy retailer in terms of the number of stores and revenue. It sells a wide range of products, including pharmaceutical and wellness products -- medicines, vitamins, medical devices and test kits, and fast-moving consumer goods -- home and personal care products, toiletries, baby care products, soaps and detergents, and sanitisers. The company has over 2,000 stores distributed across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal and Maharashtra. Here are some of the important details related to the IPO: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Price band </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹780 to ₹796 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO open date </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 13 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO close date </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 15 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Allotment date </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 20 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Initiation of refunds </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 21 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit of shares to demat account </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 22 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO listing date </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">December 23 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum lot </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">18 </td></tr></tbody></table> The proceeds from the fresh issue will be utilised for working capital requirements of material subsidiary Optival. It has grown from operating 48 stores in Hyderabad to now operating a retail network of over 2,000 stores across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal and Maharashtra, as of March, 2021. Medplus’s profit went up sharply in FY21 to ₹63 crore from just ₹1.79 crore last year. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Total income </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Profit </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2,284 crore </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹11.92 crore </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹2,887 crore </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1.79 crore </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹3,090 crore </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹63.11 crore </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/from-mukesh-ambani-to-gautam-adani-indias-billionaires-and-big-corporations-made-huge-promises-this-year-to-fight-climate-change/slidelist/88208860.cms">From Mukesh Ambani to Gautam Adani, India's billionaires and big corporations made huge promises this year to fight climate change</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tech-enabled-broking-firms-like-zerodha-raise-concerns-over-sebis-views-on-algo-trading/articleshow/88208031.cms">Tech-enabled broking firms like Zerodha raise concerns over SEBI’s views on algo trading</a>

Medplus Healthcare’s IPO opens today — checkout all the dates you need to know

<div class="KonaFilter image-container display-table float_left float_right"><div><div class="image on-image">REUTERS/Lucas Jackson/Files</div></div></div>The Mumbai-based National Exchange of India (NSE) is having its own <a href="https://www.amazon.com/dp/B00HVJB4VM/ref=dp-kindle-redirect?_encoding=UTF8&amp;btkr=1">"Flash Boys"</a> moment. With 40% of all stock trading volume on the exchange now coming from high frequency and algorithmic transactions, up from low single digits five years ago, rumors abound of collusion and high frequency traders gaining preferential access at the NSE.The Securities &amp; Exchange Board of India (SEBI) is looking into measures to slow down high frequency trading over the next three months, according to its chairman, as reported in the <a href="http://economictimes.indiatimes.com/markets/stocks/news/sebi-plans-rules-to-slow-down-high-speed-trading/articleshow/53393667.cms">Economic Times of India</a>."In a discussion paper to be issued in the next month or so, SEBI may propose a sub-second speed bump, a requirement that traders alternate electronic trades with manual ones, and a ban on cancelling algo orders before they are confirmed by the exchange," broker ITG said in a note. "The regulator is also considering rules randomizing orders rather than executing them according to time priority and also a requirement that order book information be made public. SEBI could implement final rules before the end of the year if it decides no further consultation is needed." This is a familiar story. In the US, the Investors Exchange (IEX) was founded by Brad Katsuyama three years ago in response to what it considered questionable trading practices, a saga memorialized in <a href="https://www.amazon.com/dp/B00HVJB4VM/ref=dp-kindle-redirect?_encoding=UTF8&amp;btkr=1">Michael Lewis' book "Flash Boys."</a>IEX set out to level the playing field for traders. Strategies include those proposed by SEBI, including the use of a so-called speed bump. After a controversial battle that attracted both praise and criticism across Wall Street, <a href="http://www.businessinsider.com/iex-gets-sec-approval-2016-6">the SEC approved IEX </a>to run a US stock exchange.It remains to be seen what happens in India, but no one can fault the SEBI for trying to run a fair exchange. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/malcolm-gladwell-revisionist-history-donate-princeton-vassar-bowdoin-tipping-point-outliers-blink-2016-7">MALCOLM GLADWELL: 'Anyone who gives a single dollar to Princeton has completely lost their mind'</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="tlNzV5NDE68LblejgkI-6sByYCuoiDZ7" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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