sebi:Order/AP/SK/2020-21/10374-10376
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Provisions invoked
- s. 11B
- s. 11
- s. 15
- s. 12A
- s. 15H
- s. 15I
- s. 15J
- s. 28A
- s. 23I
- s. 23
- s. 23H
Regulations
- Reg. 3
- Reg. 4
- Reg. 4(1)
- Reg. 26(1)
- Reg. 47
- Reg. 3(a)
- Reg. 3(b)
- Reg. 26
- Reg. 42
- Reg. 26(2)
- Reg. 48
- Reg. 41
- Reg. 41(2)
- Reg. 2(c)(1)
Parties
- OPG Securities
- SMC Global Securities
- Universal Stock Brokers
Holding
The order adjudicates allegations against three entities (including OPG Securities) in the NSE co-location matter, finding that NSE's co-location architecture and practices compromised market fairness by providing quicker order dissemination to members who connected first to TBT servers.
Full text
______________________________________________________________________________________ Adjudication Order in respect of three entities in the matter of NSE Co-location Page 2 of 96 be the first to connect; (c) switching on to the fastest servers or accessing least crowded servers with the help of NSE staff members. It was alleged that OPG indulged in front- running in collaboration with NSE employees. f) In addition to the above, the back-up servers that were installed for the purpose of business continuity, whose access should ideally be permitted in case the primary servers went down, were allowed to be accessed by OPG as load on such server was low. g) Once NSE started Multicast TBT (“MTBT”) at its co-location facility, the market share of OPG fell off the chart.
______________________________________________________________________________________ Adjudication Order in respect of three entities in the matter of NSE Co-location Page 3 of 96
______________________________________________________________________________________ Adjudication Order in respect of three entities in the matter of NSE Co-location Page 4 of 96 f) No correlation could be drawn between alleged early access to data and a member's ability to successfully execute UMLOs.
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Source: SecMarx — sebi:Order/AP/SK/2020-21/10374-10376. 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.