The Securities Appellate Tribunal has granted interim stay on the Securities and Exchange Board of India's orders against stock brokers OPG Securities and GKN Securities in the National Stock Exchange co-location case.
However, OPG and GKN have been directed to deposit Rs 7.5 crore and Rs 2.5 crore, respectively, to the SEBI on or before May 20.
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If the amount is not deposited within the stipulated period, the interim order will stand vacated automatically, the tribunal said.
It said that investigations had been going on since 2015 and stopping the business activities of the brokers with immediate effect by impugned order prima-facie appears to be unjustified.
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"The matter would be listed for admission and final disposal on July 22," the tribunal said in two separate but similarly worded orders on Monday.
Last week, the market watchdog had barred OPG Securities and its three directors from markets for five years and asked them to disgorge illegal gains of Rs 15.57 crore with interest, while GKN Securities was asked to disgorge Rs 4.9 along with interest.
Besides, GKN was asked not to undertake any trade on any stock exchange on proprietary account for two years.
The SEBI's ruling came after it found that the brokers were guilty of misconduct in the NSE's co-location case and made unlawful gains by having unfair faster access to market data compared to other brokers.
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