sebi:WTM/KV/MRD/MRD-PoD-3/30754/2024-25
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Facts / Headnote
Proceedings against Noticees disposed of without any direction
Provisions invoked
- s. 11B
- s. 11
- s. 19
- s. 12A
Regulations
- Reg. 3
- Reg. 4
- Reg. 2
- Reg. 3(a)
- Reg. 42
- Reg. 26(2)
- Reg. 49
- Reg. 41
- Reg. 26(1)
- Reg. 41(2)
- Reg. 2(c)(1)
Holding
No charge of connivance and collusion of OPG and its directors with NSE employees/officials is established, and the remanded proceedings against the Noticees are disposed of without any direction.
Full text
In the matter of NSE and Others (Co-location) Page 2 of 83 (The entities mentioned above are individually known by their respective name or Noticee No. and collectively referred to as “Noticees”) Synopsis of the order
In the matter of NSE and Others (Co-location) Page 3 of 83 E.1.6 Whether the SCN contains materials extraneous to the issues for which the matter has been remanded 51 to 52
In the matter of NSE and Others (Co-location) Page 4 of 83 filed by appellants, inter alia, challenging the order No. WTM/GM/EFD/03/2018-19 dated April 30, 2019 (hereinafter referred to as the “2019 SEBI NSE Order”), passed by the Securities and Exchange Board of India (hereinafter referred to as “SEBI”) in the matter pertaining to the co-location facility provided by the National Stock Exchange of India Limited (hereinafter referred to as “NSE”). It may be clarified that the said 2023 SAT Order also dealt with appeals filed by OPG Securities Private Limited (hereinafter referred to as “OPG”) and its three directors in Appeal number 184 of 2019 arising out of the order No. WTM/GM/EFD/02/2019–20 dated April 30, 2019 (hereinafter referred to as the “2019 SEBI OPG Order”). The relevant sub-paragraphs of the paragraph 266 of the 2023 SAT Order are reproduced herein below; g. The violations committed by OPG as found by WTM is affirmed. However, the direction of the WTM directing OPG and its Directors to disgorge Rs.15.57 crores along with interest at the rate of 12% p.a. from 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. 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
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Source: SecMarx — sebi:WTM/KV/MRD/MRD-PoD-3/30754/2024-25. 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.