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Mumbai: The Securities and Exchange Board of India (Sebi) has imposed a penalty of Rs 5.20 crore on OPG Securities and its directors in the co-location case. The OPG Securities directors who have been penalised include Sanjay Gupta, Sangeeta Gupta and Om Prakash Gupta.
Sebi alleged that OPG used NSE’s system to its advantage by having an arrangement with an NSE staff that helped it to connect first. The first one to connect to the lowest load server would get advantage in terms of receiving data faster than others.
Sebi had asked the NSE board to initiate a forensic investigation of all the concerns raised by it, for which the NSE board appointed Deloitte. The regulator had instructed OPG Securities to give access to computers, terminals and electronic records to Deloitte. It also directed OPG not to delete or make modification to any of the records, emails, communications and IT logs.
SEBI has held Delhi-based stock broker OPG Securities and its promoters guilty of ‘ Fraudulent and Unfair Trade Practices’ (FUTP) in the NSE co-location scam. The broker and the directors including Sanjay Gupta, Sangeeta Gupta and OM Prakash Gupta have been jointly fined ₹5 crore.
SEBI said OPG had made unfair gains of more than ₹15 crore, which have been disgorged.
On Wednesday, SEBI said it had dropped the charges of fraud against Ravi Narain and Chitra Ramkrishna, former bosses of the NSE, and fined them ₹25 each. But SEBI had held OPG and its directors guilty for violation of FUTP norms. The order against the two NSE ex-bosses and OPG relates to manipulation over tick by tick (TBT) data transmission. TBT data is key for high speed Algo trading.