OPG Securities Pvt. Ltd.

SAT-appeal

• SAT matter SATV-10A57888C428C38FE2D19ACC
  Connected with Appeal No. 335 of 2019 and listed for 15 June 2021 · SEBI to file reply; appellants to file rejoinder three weeks thereafter
  Appeal: Appeal No. 369 of 2021 was heard on 19 May 2021; urgency and stay applications were disposed of, and the appeal was listed for 15 June 2021
• Alleged NSE colocation and tick-by-tick data dissemination failures gave selected brokers preferential access, enabling market abuse, front-running and unlawful gains. The WTM also found governance and supervisory failures by NSE and former senior officials.
  WTM directions against NSE, Ravi Narain, Chitra Ramkrishna and OPG were challenged in connected appeals. · NSE directed to disgorge Rs.624.89 crore with 12% annual interest to IPEF.
  Appeal: Connected Appeals Nos. 333, 184, 331, 336 and 433 of 2019 were heard on 26 November 2021 and decision was dated 23 January 2023.
• Alleged frequent and unauthorized use of NSE's secondary/fallback co-location server despite instructions to use it only when the primary server failed, allegedly providing an unfair trading advantage.
  Impugned NSE order dated 4 September 2017 suspending OPG Securities for six months was set aside. · Matter remanded to NSE for a fresh decision after considering forensic reports and other relevant material.
  Appeal: Appeal No. 246 of 2017 disposed of by SAT on 1 May 2019; impugned NSE order set aside and matter remanded
• Alleged colocation-related preferential access, unequal dissemination of TBT data, weak controls and manipulation enabling OPG to obtain early access and trading advantage; alleged fraudulent and unfair trade practices.
  SAT considered connected appeals against AO penalty orders dated 10 February 2021 and 11 February 2021. · Prior SAT directions were noted: NSE to deposit Rs.100 crore to IPEF, subject to adjustment of earlier deposits and refund of excess with interest.
  Appeal: Appeal Nos. 166, 167, 168 and 369 of 2021 were heard together; order dated 12 July 2023. The text also refers to prior Appeal No. 184 of 2019 and connected appeals decided on 23 January 2023.
• Alleged NSE colocation and Tick-By-Tick data architecture failures gave selected brokers preferential access, enabling market abuse and unlawful gains. The WTM found NSE, Ravi Narain and Chitra Ramkrishna liable for specified failures, while discharging 14 other noticees.
  WTM directions against NSE, Ravi Narain and Chitra Ramkrishna were challenged in Appeals 333, 331 and 336 of 2019. · OPG's appeal challenged directions to disgorge Rs.15.57 crore with 12% annual interest and market-access restrictions.
  Appeal: Appeal Nos. 333, 184, 331, 336 and 433 of 2019, with connected miscellaneous applications; hearing on 26 November 2021 and decision dated 23 January 2023. Disposition is not included in the supplied text.
• SAT matter SATV-2903776A0CD2D388B02E3C9E
  Appeal dismissed as withdrawn · Appellant directed to pay the penalty within two months from 9 January 2012
  Appeal: Appeal No. 194 of 2011 dismissed as withdrawn on 9 January 2012
• SAT matter SATV-2DB762F0287A67A510CE8ACF
  Matter adjourned by consent to 25 June 2025
  Appeal: Appeal No. 696 of 2024; on 9 June 2025, appellant sought time and the matter was adjourned by consent to 25 June 2025.
• Alleged preferential access to NSE Tick-By-Tick data via co-location facility giving select brokers including OPG first-login advantage enabling front-running and fraud.
  NSE to disgorge Rs.624.89 crores plus 12% interest to IPEF · NSE barred from securities market directly/indirectly for 6 months from impugned order
  Appeal: Appeal Nos.333, 331, 336, 433 and 184 of 2019 against WTM orders dated 30 April 2019; SAT hearing 26.11.2021, decision 23.01.2023
• SAT matter SATV-2776EEFA0EECB7771D4A905D
  SEBI granted another four months as last resort to complete proceedings; Misc. Application disposed of
  Appeal: Misc. Application No. 1552 of 2023 in Appeal No. 184 of 2019 disposed of on 01.12.2023
• SAT matter SATV-338AA3A840EF6214F23DBD4B
  Two weeks granted as a last chance to file rejoinder · Matters listed by consent on 4 August 2026
  Appeal: Appeal Nos. 695 and 696 of 2024 and Appeal No. 295 of 2025 were pending; rejoinder permitted and matters listed on 4 August 2026.
• SAT matter SATV-97CAE8EAF90E61232C916EB6
  By consent, call / listed on June 9, 2025
  Appeal: Appeal No. 696 of 2024 with Misc. Application No. 1308 of 2024 pending before SAT, adjourned by consent to June 9, 2025 vide order dated 21.04.2025
• Violations already upheld by SAT on 23 Jan 2023; present dispute limited to fresh computation of disgorgement / unlawful gains after remand.
  Stay of recovery of disgorgement in para 297 of impugned order subject to deposit · Appellants to deposit Rs 2.50 crores within four weeks; SEBI to keep in interest-bearing account subject to outcome
  Appeal: Appeal No. 696 of 2024 with Misc. Application No. 1308 of 2024 admitted and pending; interim stay of recovery granted on 30.06.2025 subject to deposit
• SAT matter SATV-DEA06960C571CF6C2C0B9891
  Not on board matter mentioned today, listed on June 9, 2023 · Parties to act on digitally signed copy; certified copy available from Registry on payment of usual charges
  Appeal: Misc. Application No. 678 of 2023 in Appeal No. 184 of 2019 pending, next listed on June 9, 2023
• SAT matter SATV-588A8A5BBCC93374E88BE972
  Respondent granted one week's additional time to file reply · Appeals listed on 7 November 2025 along with Appeal No. 360 of 2025
  Appeal: Appeal Nos. 695 of 2024 and 696 of 2024; order dated 15 September 2025 granting time to file reply and listing the matters on 7 November 2025
• SAT matter SATV-5AC96F54FCA3CBC7CCD9C964
  Appeal No. 184 of 2019 adjourned for further hearing on 9 July 2021 · Parties directed to contact the Registrar 48 hours before the hearing regarding video conferencing or physical hearing
  Appeal: Appeal Nos. 184 of 2019, 331 of 2019, 333 of 2019, 336 of 2019 and 433 of 2019 were pending; Appeal No. 184 of 2019 was adjourned for further hearing on 9 July 2021
• SAT matter SATV-77EB3347B89415172B3E64A5
  Appeal admitted · SEBI granted eight weeks to file reply
  Appeal: Appeal No. 696 of 2024 admitted on 25 June 2025; stay application reserved for orders; next listed on 15 September 2025
• Alleged violations by OPG Securities and its directors, including possible connivance/collusion with NSE employees or officials, concealment or destruction of vital information, and crowding out other market participants.
  Miscellaneous application allowed. · WTM directed to decide the matters under clauses g and h of the SAT order dated 23 January 2023 within six months from 9 June 2023.
  Appeal: Misc. Application No. 678 of 2023 in Appeal No. 184 of 2019 disposed of on 9 June 2023; underlying violations affirmed, with disgorgement quantum remitted for fresh determination.
• Colocation scam: NSE TCP/IP TBT architecture allegedly gave preferential access to OPG/ select TMs via early login, secondary servers and crowded ports; fraud, collusion and failure of fair access.
  SAT Jan 23, 2023 set aside Rs.624.89 cr disgorgement vs NSE with 12% interest · SAT affirmed 6-month market prohibition vs NSE and frequent system audit direction
• Remand proceedings on quantum of disgorgement/unlawful gains; appellants allege SEBI revising quantification methodology beyond remand scope.
  Appeal No. 372 of 2024 dismissed · WTM to pass comprehensive order on all issues including jurisdictional issue
  Appeal: Appeal No. 372 of 2024 dismissed on 24.06.2024; Misc. Applications Nos. 759-761 of 2024 disposed of
• Co-location scam: NSE gave preferential TBT data-feed access to OPG via TCP-IP gaps, secondary servers and crowded ports, colluding in fraudulent and unfair trade practices.
• SAT matter SATV-AF75E68B4C17A98B32AC806C
  Put up Misc. Application No. 1552 of 2023 along with record on December 1, 2023
  Appeal: Misc. Application No. 1552 of 2023 in Appeal No. 184 of 2019, order dated 29.11.2023, next listed on December 1, 2023
• Colocation scam - NSE allegedly gave preferential TBT tick-by-tick access via TCP/IP architecture, secondary servers and crowded ports to OPG, facilitating fraud and unfair trade.
• SAT matter SATV-CFAE63B2B85F07AB4ABC4433
  By consent, matter to be called on May 7, 2024
• NSE colocation scam - preferential Tick-By-Tick data access and first login advantage to select brokers including OPG, alleged front-running and market abuse in connivance with NSE staff.
  NSE to disgorge Rs.624.89 crores with 12% p.a. from 1 April 2014 to IPEF · NSE barred from securities market for 6 months from 30 April 2019
  Appeal: Appeal Nos.333/2019 NSE, 331/2019 Ravi Narain, 336/2019 Chitra Ramkrishna, 184/2019 OPG, 433/2019 A.Kumar against WTM orders dated 30 April 2019; heard 26.11.2021, decided 23.01.2023
• Fictitious own-account self-trades in Edserv Softsystems Ltd with no change in beneficial ownership contributing to new-high prices, violating PFUTP and Stock Broker Code.
  Impugned Adjudicating Officer order dated 30/04/2012 upheld on merits/liability · Consolidated penalty reduced from Rs 6,50,000 to Rs 2,00,000 taking lenient view
  Appeal: Appeal No. 152 of 2012 decided on 21.06.2013; disposed of with penalty reduced to Rs 2 lakh, no costs