SEBI imposed Rs. 7 crore penalty on National Stock Exchange

The Securities and Exchange Board of India (Sebi) has slapped heavy penalties in a 2015 ‘dark fibre’ case that saw certain brokers exploiting the National Stock Exchange.

The Securities and Exchange Board of India (Sebi) has slapped heavy penalties in a 2015 ‘dark fibre’ case that saw certain brokers exploiting the National Stock Exchange’s (NSE’s) internet infrastructure to get faster connectivity to its colocation (colo) facilities. The markets regulator has imposed a penalty of Rs 7 crore on NSE and Rs 5 crore on former Managing Director and Chief Executive Officer (CEO) Chitra Ramkrishna.

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In this case, a total of 18 entities received penalties. It has also levied a fine of Rs 5 crore each on former Group Operating Officer Anand Subramanian and current Chief Business Development Officer Ravi Varanasi. Internet service provider Sampark Infotainment has been asked to pay Rs 3 crore. Online trading firms Way2Wealth and GKN Securities, too, have been asked to cough up Rs 6 crore and Rs 5 crore, respectively.

Important Takeaways For All Competitive Exams:

SEBI Founded: 1988;
SEBI Act: 1992;
SEBI Headquarters: Mumbai, Maharashtra;
SEBI First Women Chairman: Madhabi Puri Buch (present);
SEBI was given statutory recognition in 1992 on the recommendation of the Narasimham Committee.

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