Information received a few seconds ago in the stock market can make a profit of crores of rupees. SEBI imposed a fine of Rs 44 crore on 18 people and firms including the National Stock Exchange (NSE), former MD-CEO of the exchange Chitra Ramakrishna, his advisor Anand Subramaniam, in the 'dark fiber' case of passing the same information to certain stockbroker companies. Is. He has been asked to pay this fine in 45 days.
In this case, the stock market regulatory body SEBI investigated the activities of many people and entities between 2009 and 2016. All these people and institutions were providing special connectivity to certain stockbrokers through NSE. Due to this, there was a fear of harm to the interests of the stock market and other investors and broker firms.
SEBI, in its order given on Tuesday, said that this connectivity was provided by a firm named 'Sampark'. He had laid co-location cables for NSE. But its network was created in such a way that firms like Way-2-Wealth Brokers and GKN Securities benefited.
cheated like this
Share broker firms Way-2-Wealth Brokers and GKN Securities were informed by the same officers and employees from NSE's servers. The dark fiber was laid for those firms. Dark fiber means such an optical fiber line that is not used for any other purpose, is not connected to any other active electronic device, nor is any data transmitted from it to any other person or organization.
According to SEBI, it was the NSE officials and staff that allowed Sampark to lay special cables for Way-2-Wealth and GKN. The liaison firm did not have permission for this. Both these stockbroker firms got a 'latency advantage' from Dark Fiber. The low latency in the stock market allowed both of them to make more profit by reacting faster to the market conditions than the rest of the firm. This difference is in milliseconds. According to several studies, low latency of 1 millisecond can provide an average benefit of up to $100 million.
they were fined so much
7 crore on NSE
6 crore on Way-2-Wealth Brokers firm
5 crore on GKN Securities firm
5 crore on Chitra, Anand, NSE Chief Business Development Officer Ravi Varanasi
3 crore on Sampark infotainment firm
1.1 cr on 4 partners of GKN Securities Prashant D'Souza, Om Prakash Gupta, Sonali Gupta, Rahul Gupta
Way-2-Wealth CEO MR Shashibhushan Rs 1 crore
10 lakh on Netaji Patil, Reema Srivastava, Prashant Mittal and Mohit Mutreja
1 crore on NSE Chief Membership Officer Nagendra Kumar SRVS and Devi Prasad Singh, IT Operations Vice President providing co-location support.
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