SEBI Issues Payment Notice To OPG Securities Over NSE Co-Location Case

Market watchdog SEBI has issued notices to stockbroker OPG Securities and its directors, asking for a payment of Rs 5.35 crore in relation with the unfair access to secondary market servers linked to the NSE co-location issue.

SEBI warned that failure to comply within 15 days could lead to asset and bank account attachments.

These notices follow the entities’ non-payment of the fine imposed by SEBI in April 2025. In separate recovery notices sent on Monday, SEBI asked OPG Securities and its directors — Sanjay Gupta, Sangeeta Gupta, and Om Prakash Gupta — to clear dues along with penalties and interest.

If the payment is not made, the market watchdog plans to recover the amount by confiscating and selling their movable and immovable properties. Also, they face potential bank account freezes and arrest.

In its April ruling, SEBI had enforced a joint fine of Rs 5 crore on OPG Securities and its directors for engaging in unfair trade practices.

Additionally, SEBI imposed a fine of Rs 10 lakh each on OPG Securities and Sanjay Gupta for non-compliance with the regulator's code of conduct and hampering the investigation, respectively.

"Noticee 1 (OPG Securities) gained an unfair advantage by repeatedly accessing the Secondary POP Server, thereby making unlawful gain. Regardless of the quantum of such unlawful gain, it is evident that the manner in which Noticee 1 connected to the secondary server constituted an unfair practice, which was recurrent in nature. This amounts to a serious violation," SEBI had stated.

Furthermore, the regulator had highlighted that OPG Securities failed to uphold standards of integrity, due skill, care, and diligence in its business operations, while also neglecting to ensure compliance with statutory requirements.

Since the Guptas were directors of OPG Securities during the period of violation, they were deemed vicariously liable for the company's actions, it had added.

(With PTI Inputs)