NSE co-location case : Sebi bars OPG Securities, 3 directors from markets for 5 years

Regulator Sebi Tuesday barred OPG Securities and its three directors for five years from accessing securities market and asked them to disgorge illegal gains of more than Rs 15 crore in the NSE co-location facility case.

OPG Securities gained unfair advantage over other trading members and made illegal gains being the first logger as well as by connecting to a secondary server on a daily basis, a Sebi order said.

The unlawful gains made OPG by connecting to secondary server, which is used only in case of trouble in primary server, amounted to Rs 15.57 crore, according to the order.

The regulator had sent notices to OPG Securities and its directors during July 2018 after it completed an investigation based upon the forensic report of Deloitte and EY regarding 15 trading members, including OPG.

Sebi observed that since trading members were permitted to trade through secondary pop server only in case of disconnections to primary pop server, OPG by connecting to secondary pop server ...