Explorer

Sebi Imposes Penalty On NSE, Chitra Ramakrishna, 16 Others In Co-location Scam

Sebi imposed a cumulative penalty of Rs 43.8 crore on the 18 entities, with the NSE alone slapped a Rs 7-crore fine, while Rs 5 crore on Chitra Ramakrishna, Rs 5 crore on Anand Subramanian

Markets regulator the Securities and Exchange Board of India (Sebi) has imposed penalties on 18 entities, including the National Stock Exchange (NSE), Chitra Ramakrishna, Anand Subramanian, and others in connection with the NSE co-location case, according to news reports.

The capital market regulator imposed a cumulative penalty of Rs 43.8 crore on the 18 entities, with the NSE alone slapped a Rs 7-crore fine, while Rs 5 crore on Chitra Ramakrishna, Rs 5 crore on Anand Subramanian, and Rs 5 crore on Ravi Varanasi.

The board has also slapped a penalty of Rs 1 crore each on Nagendra Kumar SRVS, Deviprasad Singh, and MR Shashibhushan, Rs 1.10 crore on Prashanth D'souza, Om Prakash Gupta, Sonali Gupta, Rahul Gupta, Rs 3 crore on Sampark Infotainment Pvt. Ltd, Rs 5 crore on GKN Securities, and Rs 6 crore on Way2Wealth Brokers Private Ltd. Rs 10 lakh penalty has been imposed on Netaji Patil, Rima Srivastava, Parshant Mittal, Mohit Mutreja, according to news reports.

The Sebi has sent notices to the entities and asked them to pay the total amount of penalty within 45 days of the receipt of the order though demand draft or online.

The Sebi order stated, “Having regard to the factors listed in Section 15J of the SEBI Act and Section 23 J of the SCRA, it is now established that W2W and GKN, in collusion with the employees of NSE and Sampark made significant profit due to unfair latency advantage available with them.”

Chitra Ramkrishna, who is now in the CBI custody, had allegedly shared sensitive information about the exchange with a mystic yogi who lives in the Himalayas. Earlier, the CBI had in a statement mentioned that the alleged unfair practices occurred between 2010 and 2015.

The Sebi in its earlier order said that it came across certain documentary evidence that showed that Ramkrishna had shared internal information including organisational structure, dividend scenario, financial results, human resources policy, and related issues, response to regulator, etc of NSE with an ‘unknown person’ through emails in the period from 2014 to 2016.

The regulator had charged her and others with alleged governance lapses in the appointment of Subramanian as the chief strategic advisor and his re-designation as group operating officer and adviser to the MD.

View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headline

I.N.D.I.A Bloc In Bihar: Here's How Congress, RJD Have Decided To Share Seats After JD-U's Exit
I.N.D.I.A Bloc In Bihar: Here's How Congress, RJD Have Decided To Share Seats After JD-U's Exit
'BJP Should Pay Rs 4,600 Crore': Congress Slams Income Tax Dept, ECI After Getting Rs 1,700-Crore Notice
'BJP Should Pay Rs 4,600 Crore': Congress Slams Income Tax Dept, ECI After Getting Rs 1,700-Crore Notice
Another Blow To Congress As I-T Dept Serves Rs 1,700-Crore Notice Ahead Of Lok Sabha Elections: Report
Another Blow To Congress As I-T Dept Serves Rs 1,700-Crore Notice Ahead Of Lok Sabha Elections
Sunita Kejriwal Launches WhatsApp Campaign To Drum Up Support For Jailed Delhi CM
Sunita Kejriwal Launches WhatsApp Campaign To Drum Up Support For Jailed Delhi CM
Advertisement
for smartphones
and tablets

Videos

Bihar Seat Sharing: RJD to contest the upcoming polls on 26 seats-Sources | Elections 2024 |ABP NewsABP Shikhar Sammelan 2024: Anurag Thakur takes a jibe at Arvind Kejriwal's arrest | ABP NewsArvind Kejriwal Arrest: Sunita Kejriwal Launches WhatsApp Campaign To Drum Up Support For Jailed Delhi CMABP SHIKHAR SAMMELAN 2024: Here's What Defence Minister Reveals About His Further Political Plans

Photogallery

Embed widget