sebi:Order/AS/RM/2025-26/31353-31356
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Facts / Headnote
Penalty imposed on Noticees under Sections 15HA and 15HB of the SEBI Act; request to keep proceedings in abeyance rejected
Provisions invoked
- s. 11B
- s. 15
- s. 11
- s. 15H
- s. 15J
- s. 11C
- s. 15F
- s. 28A
Regulations
- Reg. 3
- Reg. 4
- Reg. 4(1)
- Reg. 9(f)
Parties
- OPG Securities Pvt Ltd (Noticee No. 1)
- Mr. Sanjay Gupta (Noticee No. 2)
- Directors of OPG Securities Pvt Ltd (Noticees 3 and 4)
Holding
The Adjudicating Officer imposed a monetary penalty of Rs. 5 crores jointly and severally on Noticees 1-4 under Section 15HA for violating Regulation 4(1) of the PFUTP Regulations, Rs. 10 lakhs on Noticee 1 under Section 15HB for violating Regulation 9(f) and the Code of Conduct, and Rs. 10 lakhs on Noticee 2 under Section 15HB for violating Section 11C(2), while rejecting the Noticees' request to keep the proceedings in abeyance pending appeals before SAT and the Supreme Court.
Full text
Adjudication Order against OPG Securities Pvt Ltd. and others in the matter of NSE Co-location Page 2 of 25 reconsider quantum of penalty. The relevant extracts of the directions of the SAT
Adjudication Order against OPG Securities Pvt Ltd. and others in the matter of NSE Co-location Page 3 of 25 7th April, 2014 onwards is set aside. The matter is remitted to the WTM to decide the quantum of disgorgement afresh in the light of the observation made above within four months from today. 266. h. In addition to the above, we direct the WTM to consider the charge of connivance and collusion of OPG and its Directors with any employee/officials of NSE. Further, the WTM will decide the issuance of direction/penalty concealment/destruction of vital information and will further reconsider Issue No.2 relating to crowding out other market participants. 266.i. All other directions issued against OPG and its Directors are affirmed. The appeal is partly allowed.”
Adjudication Order against OPG Securities Pvt Ltd. and others in the matter of NSE Co-location Page 4 of 25 a. The quantum of disgorgement was re-calculated and the total amount was arrived at INR 8525.46 Lakh. b. The charges of connivance and collusion of OPG and its directors with any employee/officials of NSE were not established. c. Direction against the Noticee no. 2 for concealment/destruction of vital information. d. The charges of crowding out other market participants were not established.
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Source: SecMarx — sebi:Order/AS/RM/2025-26/31353-31356. 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.