India's Supreme Court on Monday directed the market regulator to refund 3 billion rupees ($36.3 million) to the National Stock Exchange of India in a case involving alleged lapses in the bourse's systems, lawyers representing the parties said on Monday.

The top court also refused to stay a tribunal order, which had set aside the regulator's ruling against NSE, the lawyers added.

In 2019, SEBI passed a series of orders against the NSE and its former chief executives, Chitra Ramkrishna and Ravi Narain, alleging that the exchange did not exercise due diligence while setting a network that allowed high-frequency traders unfair access to some network servers at the exchange.

SEBI had ordered the NSE to deposit nearly 11 billion rupees, including interest, in an investor fund and barred it from raising money from the securities market directly or indirectly for six months. ($1 = 82.6300 Indian rupees) (Reporting by Arpan Chaturvedi and Jayshree P Upadhyay; Editing by Dhanya Ann Thoppil)