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Sebi slaps fines on NSE, Chitra, others
Sebi has imposed a penalty totalling Rs 44 crore on 18 entities, including National Stock Exchange (NSE), its business development officer Ravi Varanasi, former MD and CEO Chitra Ramkrishna and her adviser Subramanian Anand along with certain stock brokers in the 'dark fibre' case.
New Delhi: Sebi has imposed a penalty totalling Rs 44 crore on 18 entities, including National Stock Exchange (NSE), its business development officer Ravi Varanasi, former MD and CEO Chitra Ramkrishna and her adviser Subramanian Anand along with certain stock brokers in the 'dark fibre' case.
Apart from NSE and its former officials, others penalised by Sebi are stock brokers --Way2Wealth Brokers and GKN Securities-- Sampark Infotainment and their respective employees. The regulator has imposed a penalty of Rs 7 crore on NSE, Rs 5 crore each on Ramkrishna, Varanasi and Subramanian Anand, who was Group Operating Officer and adviser to then MD Ramkrishna. Also, Sebi levied a fine of Rs 1 crore each on Nagendra Kumar SRVS and Deviprasad Singh. Further, Sebi has slapped a fine of Rs 6 crore on Way2Wealth Brokers, Rs 5 crore on GKN Securities and Rs 3 crore on Sampark Infotainment. They have been asked to pay the penalty amount within 45 days, according to a Sebi order passed on Tuesday. The case relates to the alleged differential access given to certain broking firms in the form of 'dark fibre' at NSE, to connect across the co-location facilities before other members. A dark fibre or unlit fibre, with respect to network connectivity, refers to an already laid but unused or passive optical fibre, which is not connected to active electronics and does not have other data flowing through them and available for use in fibre-optic communication.
The regulator initiated a probe with respect to the dealings of the several entities, for the period 2009 to 2016 in the matter of providing connectivity to certain stock brokers by NSE in a manner which may be detrimental to the investors or the securities market.
