NSE vs FT: Hedging via an Omnesys stake
Business Standard: NSE picks 26% stake in technology vendor before giving contract
Just two months before it launched currency derivatives in August, the National Stock Exchange (NSE) picked up 26 per cent stake in Bangalore-based front-end technology provider Omnesys Technologies.
What is interesting is that Omnesys is among the few vendors that subsequently got the application programming interface (API) from NSE for its currency futures segment.
In fact, the IT firm, which is also an accredited vendor with the NSE, made a fresh allotment of shares on June 26, which was approved in an extraordinary general meeting held on June 30. It was at this time that Dotex International, a wholly-owned subsidiary of NSE, along with several other individuals picked up shares of Omnesys.
The spat with FT was anticipated - in some sense.
Meanwhile, wtf is the BSE doing? Has it changed it’s corporate mission, the new one being: ‘Become irrelevant’.
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