Research Reports Related to "National Stock Exchange"
Shorts Related to "National Stock Exchange"
Feed Related to "National Stock Exchange"
Sanjay Gupta, the managing director of OPG Securities, has been detained by the Central Bureau of Investigation (CBI) in connection with the NSE co-location issue. Recently, the central agency searched at least 10 more locations, including Gupta's brokerage, as part of the investigation.
According to reports, the CBI was able to uncover a cartel that reportedly 'aided Gupta in approaching Sebi officials' between 2015 and 2018 when the capital markets regulator was investigating the NSE algorithm scandal.
According to a person with knowledge of the situation, "the searches and the inquiry have suggested that there is a Mumbai-based syndicate that might have helped Gupta in reaching out to Sebi officers who were conducting the investigations." His interrogation is required to determine whether he tried to pay any bribe, made an offer or actually paid the bribe." OPG Securities, unknown officials of the Securities and Exchange Board of India (Sebi) and National Stock Exchange (NSE) have also been named in the first information report registered by the agency in 2018.
To fix the issue, NSE has filed a consent application with Sebi. The event on February 24 halted trading in both stocks and derivatives. NSE Clearing Ltd (NCL), NSE's subsidiary, has also submitted a similar permission application with Sebi.
Following the interruption, the NSE and NCL have already paid Rs 25 lakh each to the exchange's investor protection fund, according to the lawyer. According to persons familiar with the situation, NSE officials informed Sebi of the actions the exchange had taken to avoid such disruptions in the future.
The exchange performed a root-cause study and submitted it to Sebi's technical advisory committee. According to reports, the study determined that there was "no negligence or misgovernance" and that the error was caused only by "operational concerns." The NSE had said that on February 24, 2021, road construction work surrounding the Bandra-Kurla Complex (BKC) in Mumbai, where its headquarters is located, will impair data connection supplied by telecom service providers to the exchange.
New Delhi, Feb 11 (PTI) Sebi on Friday penalised the NSE and its former MDs and CEOs, Chitra Ramkrishna and Ravi Narain, and others for violating securities contract rules in a case related to the appointment of Anand Subramanian as group operating officer and advisor to MD
Also, Sebi has directed the NSE to forfeit the excess leave encashment of Rs 1.54 crore and the deferred bonus of Rs 2.8 Cr, of Ramkrishna, which was retained by the exchange and deposit the same to its Investor Protection Fund Trust within six days.