On 23 June 2011, the CCI handed down a 170 page decision that imposed a record fine of Rupees 555 million on India’s National Stock Exchange. This is the first decision by the CCI that relates to abuse of dominance. According to the CCI decision, NSE had abused its dominant position in various ways including predatory pricing and exclusionary conduct. The crux of the decision was based on the cross subsidisation of the NSE’s currency derivatives segment by revenues generated in other segments where NSE enjoyed virtual monopoly. NSE was found to have engaged in a ‘zero price policy’ for its currency derivatives segment, making it nearly impossible for smaller newer entrants to effectively compete. As part of the cease and desist order, NSE is required to stop this conduct immediately and to maintain separate accounts for each segment to avoid similar cross-subsidisation in the future. The monetary penalty imposed (Rupees 555 million) was 5% of the total turnover of NSE, averaged over the last three years, and was not limited to the turnover in the relevant market.