SEBI fines NSE, former CEO in co-location case

1 Jul 2022 , 01:23 PM

SEBI has imposed a fine of Rs 7 crore on National Stock Exchange (NSE) in dark fibre case. A fine of Rs 5 crore has also been imposed on NSE’s former CEO, Chitra Ramakrishna. A fine of Rs. 6 crore has also been imposed on brokerage firm, Way2Wealth Brokers. Fines of Rs 5 crore each have also been levied on two former officials of NSE. These former officials are Anand Subramanian and Ravi Varanasi.

The allegations in dark fibre access case is that preferential access to NSE trading data was given to certain brokerage firms. This preferential access meant that these firms were able to receive data from NSE seconds earlier than those who did not have this preferential access. These firms could have taken unfair time advantage, such as front-running, because of this preferential access. This case is sub-judice and a final verdict has still not been given by Courts.