Co-location case: Sebi directs NSE to pay over Rs 687 cr, slaps ban on exchange officials, brokers
Cracking the whip in the NSE co-location case, regulator Sebi Tuesday directed the exchange to disgorge profits worth over Rs 687 crore, imposed a six-month ban on launching new derivative products, barred some present and past executives from the market and initiated strict action against stock brokers.
In an unusual move, the markets watchdog passed five separate orders, together running into 400 pages, related to the co-location case, wherein some entities allegedly got preferential access in high frequency trading.
The country's largest stock exchange has also been barred from accessing the securities market directly or indirectly for six months.
Ravi Narain and Chitra Ramkrishna -- who had served as MD and CEO of the exchange -- have been prohibited from "associating with a listed company or a market infrastructure institution or any other market intermediary for a period of five years", according to a 104-page order.
In another order, Narain and Ramakrishna have been directed ...