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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.
Explained | The SEBI order against NSE, Ravi Narain and Chitra Ramakrishna
Securities and Exchange Board of India has imposed a penalty of ₹1 crore on the National Stock Exchange (NSE) and former senior officials. Below is an attempt to decode the ruling by the capital markets regulator.
SEBI headquarters (Representative image)
The Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 1 crore on the National Stock Exchange (NSE) and Rs 25 lakh each on former CEOs Ravi Narain and Chitra Ramakrishna in the co-location matter. Below we attempt to connect the dots about the SEBI probe and the order.
SEBI imposes a penalty on NSE, ex-MDs in co-location case
In a major setback for the National Stock Exchange (NSE), the Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 1 crore.
| 11 Feb 2021 9:07 AM GMT
MUMBAI: In a major setback for the National Stock Exchange (NSE), the Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 1 crore on the bourse in the co-location case for failing to ensure a level playing field for trading members subscribing to its TBT (Tick-by-Tick) data feed system.
The capital market regulator has also penalized former MDs and CEOs of NSE, Ravi Narain, and Chitra Ramakrishna, with a fine of Rs 25 lakh each.
In a relief to Ravi Narain and Chitra Ramkrishna, the two former longest serving bosses of the National Stock Exchange (NSE), market regulator SEBI has dropped charges of fraud against them in the co-