sebi:ORDER/SBM/ASR/2022-23/17637-17644
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Provisions invoked
- s. 11B
- s. 11
- s. 15A
- s. 15
- s. 19
- s. 12A
- s. 12
- s. 15H
- s. 15I
- s. 15J
- s. 15F
- s. 141
- s. 23
- s. 23H
- s. 4(1)
- s. 3(2)
Regulations
- Reg. 3
- Reg. 4
- Reg. 4(1)
- Reg. 3(c)
- Reg. 3(4)
- Reg. 2(1)(b)
Parties
- NSE (Noticee 1)
- Mr. Ravi Narain (Noticee 2)
- Ms. Chitra Ramakrishna (Noticee 3)
- Mr. Ajay Shah (Noticee 4)
- Infotech Financials Pvt Ltd / IFPL (Noticee 5)
- Ms. Sunita Thomas (Noticee 6)
- Mr. Krishna Dagli (Noticee 7)
- Mr. Suprabhat Lala (Noticee 8)
Holding
This excerpt sets out the allegations and charges in SEBI's examination report and show cause notices against NSE, its officials, and connected individuals/entities for alleged misuse of confidential NSE data and conflicts of interest. No final determination or penalty is stated in the excerpt.
Full text
Page 2 of 82 and also the senior management of NSE in relation to their dealings with Mr. Ajay Shah (hereinafter referred to as ‘Noticee 4’), Infotech Financials Pvt Ltd (hereinafter referred to as ‘Noticee 5’ / ‘Infotech’) and Mr. Suprabhat Lala (hereinafter referred to as ‘Noticee 8’) for the period 2009 to 2016 (hereinafter referred to as ‘Examination Period’). However, wherever necessary, the Examination Period was extended for the purpose of the observations made against the above persons/entities. The first part of the examination pertained to the period before 2012 when formal agreements for sharing of data did not exist between NSE and Mr. Ajay Shah and his wife, Ms. Susan Thomas and the second part of the examination pertained to the period after 2012 when there existed formal agreements for sharing of data between NSE, Mr. Ajay Shah and Susan Thomas.
Page 3 of 82 researchers viz., Ajay Shah and Susan Thomas etc. The details of alleged violations are mentioned in the table below: Sr. No. Entity name/Noticee no. Provision of law/regulation violated Charging Provisions
Page 4 of 82 6. Ms. Sunita Thomas (‘Noticee 6’) Sections 12A (b) and 12A (c) of SEBI Act read with regulations 3 (c), 3 (d) and 4(1) of the PFUTP Regulations. Section 15HA of the SEBI Act 7. Mr. Krishna Dagli (‘Noticee 7’) Sections 12A (b) and 12A (c) of SEBI Act read with regulations 3 (c), 3 (d) and 4(1) of the PFUTP Regulations. Section 15HA of the SEBI Act 8. Mr. Suprabhat Lala (‘Noticee 8’) Sections 12A (b) and 12A (c) of SEBI Act read with regulations 3 (c), 3 (d) and 4(1) of the PFUTP Regulations. Section 15HA of the SEBI Act The Noticee 1 to Noticee 8, mentioned in the table above are hereinafter collectively referred to as ‘the Noticees’, in the context of the present adjudication proceedings.
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Source: SecMarx — sebi:ORDER/SBM/ASR/2022-23/17637-17644. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.