sebi:WTM/GM/EFD/03/2018-19
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Facts / Headnote
Directions issued including disgorgement to IPEF, independent forensic examination by NSE Board with report to SEBI within three months, frequent System Audit and technology governance reforms; proceedings held maintainable.
Provisions invoked
- s. 11B
- s. 11
- s. 11(4)
- s. 19
- s. 12A
- s. 12
Regulations
- Reg. 3
- Reg. 4(1)
- Reg. 26(1)
- Reg. 3(a)
- Reg. 201
- Reg. 26
- Reg. 8
- Reg. 26(2)
- Reg. 42(2)
- Reg. 49
- Reg. 3(b)
- Reg. 48
- Reg. 41
- Reg. 41(2)
- Reg. 2(c)(1)
Parties
- NSE
- Ravi Narain
- Chitra Ramkrishna
- Anand Subramanian
- Ravi Apte
Holding
NSE failed to ensure equal, unrestricted, transparent and fair access in its TCP/IP TBT co-location architecture and Secondary Server access, and was directed to disgorge profits to the IPEF and undertake forensic examination, system audit and remedial measures, with Ravi Narain directed to disgorge 25% of salary for FY 2010-11 to 2012-13.
Full text
___________________________________________________________________ Order in the matter of NSE colocation matter Page 2 of 104
___________________________________________________________________ Order in the matter of NSE colocation matter Page 3 of 104
___________________________________________________________________ Order in the matter of NSE colocation matter Page 4 of 104
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Source: SecMarx — sebi:WTM/GM/EFD/03/2018-19. 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.