NSE levies Rs. 82,90,000 penalty on Emkay Global Financial Services over client code modifications

Emkay Global Financial Services has received a communication from NSE on 7th October, 2026 informing it of a monetary penalty of Rs. 82,90,000/- imposed on it in its capacity as a Trading Member.

Fri 9 Oct 2026

Penalty Amount

Rs. 82,90,000/-

Regulator and Date of Communication

NSE on 7th October, 2026

Period of Violation

May - July 2026

NSE penalty of Rs. 82,90,000/-

What the company has informed the exchanges

• Emkay Global Financial Services received a communication on 7th October, 2026 from the National Stock Exchange of India Limited (NSE).
• The communication informed the company of a monetary penalty of Rs. 82,90,000/- imposed on it in its capacity as a Trading Member.
• The penalty relates to certain Client Code Modifications using Member 'ERROR' Account, for the period May - July 2026.
• NSE levied the penalty in accordance with Annexure 1.6 Point 11 of Exchange Circular No. NSE/INSP/73792 dated April 17, 2026 regarding modification of client codes using Member 'ERROR' Account.

What the company says it will do

• Based on its assessment, the company says an appeal will be shared.
• It says it is hopeful of a favourable outcome and does not reasonably expect any material financial impact on the company.
• On impact, the company states that apart from the aforesaid monetary penalty, there is no material impact on the financial, operational or other activities of the company.

About the timing of this disclosure

The company states that it was in the process of reviewing the communication received from the Exchange and validating the underlying details, and accordingly the disclosure could not be shared within the prescribed timeline. It has requested condonation of the delay, stating the delay was unintentional and without any mala fide intent.

How to read this

• A monetary penalty is a charge levied by the exchange on a trading member. Here the stated amount is Rs. 82,90,000/-.
• The reason given is procedural: client code modifications routed through the Member 'ERROR' Account.
• The company itself characterises the financial impact as not material, apart from the penalty amount, and has stated its intention to appeal.
• An appeal means the matter is not finally closed; the outcome of the appeal may change the position.

For a reader tracking the company, the figures to note are the penalty amount of Rs. 82,90,000/- and the period involved, May - July 2026. The company's stated position is that this does not materially affect its financial, operational or other activities.

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