For the December 2016 quarter, sales were Rs47 lakh while there was a net loss of Rs6 lakh. For FY15-16, sales were Rs1.07 crore and net profit was a mere Rs2 lakh. For FY14-15, sales were Rs7 lakh while there was a net loss of Rs24.83 crore which was because of other expenses of Rs19.63 crore. These included expenses of Rs7.09 lakh paid as consent fees to the market regulator for non-compliance with regard to SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, Rs2.51 lakh as professional fees, Rs2.32 lakh as postage and stamp paper expenses, Rs 1.70 lakh as printing and stationary expense, Rs1.75 lakh as directors’ sitting fees and Rs1.46 lakh as membership and subscription expenses. These were accounted under the ‘operational level expenses’. Looking at the numbers, one may think that the stock price of the company would be languishing. Well, it went up to Rs20.6 on 2 May 2017, from Rs2.18 on 29 January 2015, a rise of 845% in less than two years. Why? Only the regulator can tell. But 
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
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