Co-location case: SAT rejects OPG Securities' plea regarding partial payment of fine
The Securities Appellate Tribunal has rejected OPG Securities' plea in the co-location matter, wherein the stock broker had sought permission to deposit Rs 7.5 crore as a mix of cash and securities with the regulator.
Previously, the tribunal had granted interim stay on Sebi's order against OPG Securities and its directors, but had asked them to deposit Rs 7.5 crore with Sebi by May 20.
Last month, Sebi barred OPG Securities and its three directors from markets for five years and asked them to disgorge illegal gains worth Rs 15.57 crore along with interest for gaining unfair advantage over other trading members by connecting to secondary server in NSE's co-location facility on a daily basis without valid reasons.
In a fresh plea, OPG had requested tribunal to allow it to deposit Rs 99 lakh in cash and the balance amount of Rs 6.51 crore by way of securities.
While rejecting the plea, the tribunal, in an order dated May 20, said "it does not find any merit" in the application.
It asked