The National Stock Exchange (NSE) has issued notices to half a dozen stock-gaming platforms to stop using its data for commercial purposes and also sought Rs 10 crore in damages, a report has said.
Yourstory reported on October 28 that the NSE Data and Analytics Ltd, the data and info-vending arm of the NSE, has accused these fantasy stock-trading apps of misusing its data to charge users for gaming, competitions and betting.
NSE, which provides its data pro bono to various entities solely for educational purposes, has asked the platforms to stop using data with immediate effect, the report, which cited the show-cause notice, said.
Moneycontrol couldn’t independently verify the report.
NSE Data also demanded Rs 10 crore in damages for violating NSE’s intellectual property rights, the cost for loss of revenue and reputational loss, the report said.
“... you are disseminating data deceptively similar to the real time Data belonging to NSE Data, to your users on a commercial basis, for virtual trading, gaming and stimulation, and misrepresenting that you are authorised by NSE data to use this data on your website or mobile application,” the publication cited the NSE notice.
NSE Data has asked the platforms to disclose the names of the entities through which they accessed the data.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
