The Bombay High Court, vide an interim order, has directed Manshi Systems to refrain from publishing the contents of the National Stock Exchange website without the express permission from the organization.
Manshi Systems, owned by Manjulata Singh, is a Hyderabad based software developer company. It had developed a program named ‘ManshiRT’ through which customers could access NSE’s NOW trading platform and database statistics.The real-time data feed was being illegally routed to its customers through the software, giving an impression to its customers that the data used by them has been legally provided by Manshi and that they have the valid rights from the NSE.
After these facts were revealed to the NSE, the securities hubpassed on the details of the infringers to the Securities and Appellate Board of India (SEBI) and moved the Bombay High Court by filing an interim application against Manshi Systems and the publicly traded domain name registrar and web hosting company ‘Go Daddy’ claiming the infringement of intellectual property rights enjoyed by the NSE over its computer database.This event is incidentally important as it is the first instance of intellectual property rights infringement in Indian Stock Exchange history.
Owing to the interim reliefs provided, the website has been temporarily removed from the internet.
“Selling and providing realtime data by stock exchange is a commercial venture and it is sold at a premium. Since they have a high commercial value, meddling with the same is a violation and cannot be tolerated,” remarked Manish Saurastri, Partner of Krishna and Saurastri Associates, law firm representing NSE.
Manshi Systems, after taking into consideration the course of events, has expressed a desire of settling the matter out-of-court by extending a claim of worth Rs.1 crore.