sebi:WTM/SM/EFD1/EFD1_DRA3/6433/2019-20
Facts / Headnote
Exonerated; charges at para 10 H of the 2017 SCN disposed of without issuing any directions
Provisions invoked
- s. 11
- s. 19
- s. 11(1)
Regulations relied on
- SEBI (SECC) Regulations, 2012 — 26(2)
Parties
- Ravi Naraian
- Ravindra Apte
- N Muralidharan
- G Shenoy
- Sankarsan Banerjee
- R Nandakumar
- Jagdish Joshi
- Suprabhat Lala
- Mayur Sindhwad
Holding
The charges against the nine Noticees under Regulation 26(2) of SECC Regulations read with Part B of Schedule II and SEBI Master Circular for facilitating Sampark's dark fibre P2P connectivity were not established, and the proceedings were disposed of by exonerating them.
Full text
In the matter of NSE- Dark Fibre Page 2 of 12 (CFT) of SEBI officials was constituted to undertake a preliminary fact finding with respect to various irregularities alleged in these complaints.
In the matter of NSE- Dark Fibre Page 3 of 12 referred to “2018 SCN”) was issued to different entities/ persons for violations of different provisions of SEBI Act, SECC Regulations and PFUTP Regulations by them as alleged in the 2018 SCN. It is observed that the allegations made in the 2017 SCN were repeated qua some of the entities in the 2018 SCN, who are common Noticees in both the SCNs and the proceedings arose out of 2018 SCN were disposed of by SEBI vide orders dated April 30, 2019. However, while disposing of the allegations made in the 2017 and 2018 SCN, it was noticed that some of the
In the matter of NSE- Dark Fibre Page 4 of 12 vide another common letter dated July 31, 2019, written replies were received on behalf of all other Noticees. The highlights of the submissions made by the Noticees vide the above stated two letters dated July 31, 2019, are summarized as under: i. As far as Shri Nandakumar is concerned, it is stated that the SCN dated 22.5.2017 was issued to him in his capacity / post of a "Former Senior VP Operations". All the allegations relating to "Dark Fibre" pertains to the period of April - July 2015, by which time, he had ceased to be an employee of NSEIL i.e with effect from May 31, 2014. Hence, in no way he was involved in allocation or permission granted to “Sampark” for providing P2P connectivity. ii. All the Noticees have contended that pursuant to a detailed investigation conducted by SEBI after issuing the said 2017 SCN dated 22.05.2017, the second notice i.e. 2018 SCN dated July 03, 2018, was issued by SEBI on the said issue of P2P connectivity provided by "Sampark”/” Dark Fibre" to 17 other entities who were alleged to be responsible for the said violations. However, none of the Noticees being dealt with in this proceedings was made a Noticee in the said SCN of 2018. iii. The allegations made in the said 2018 SCN relating to "Sampark" / "Dark Fibre" were
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Source: SecMarx — sebi:WTM/SM/EFD1/EFD1_DRA3/6433/2019-20. 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.