SEBI Slaps Fines On NSE And Former Chief Chitra Ramkrishna
Capital market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 7 crore on National Stock Exchange in the 'dark fibre' case, widely known as NSE co-location case, it said in an order.
The case revolved around alleged improper dissemination of information from the computer servers of the market exchanges to the stockbrokers.
The focus of the investigation was into the role of stock brokers alleged to have benefited from preferential access to the exchange's system, including quantification of gains of the stock brokers.
Besides NSE, the capital market regulator imposed Rs 5 crore each to former MD of the stock exchange Chitra Ramkrishna and Group operating officer Anand Subramanian.
It further slapped penalty worth Rs 3 crore and Rs 6 crore to internet service provider Sampark Infotainment and stockbroker Way2Wealth brokers, respectively, the SEBI order said.
"...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," the order said.
Pursuant to the investigation conducted in the matter, it was alleged that Sampark had arranged the cabling in the co-location in such a manner that some stock brokers had lower latency compared to other trading members connected to the Sampark.
The penalties must be paid 45 days of the receipt of the order either by via demand draft, the SEBI said.
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