Futures and Options  Operations



Circular No.: NSE/F&O/006/2004                                                       Date: January 20, 2004

Download No. NSE/FAOP/4746



Dear Members,


It has been observed that certain members are placing orders on the Derivatives segment at unrealistic prices which are far away from the normal market price / theoretical price at that point of time. Trades arising from such unrealistic prices lead to aberrations in the normal price discovery process. Members have, in the past, been individually advised to refrain from indulging in such practices.


Members are once again requested to refrain from such undesirable market practices, either for orders placed by them on their own account or orders placed on behalf of their clients.


Members are advised that if such instances are observed in the future, the Exchange may initiate strict disciplinary action against such members, which may include de-activation of trading terminals of the members.

Thanking you,

Yours faithfully,

For National Stock Exchange of India Ltd.



Arup Mukherjee

Manager- F&O Trading