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.
Also Read: Ambani Succession Plan: Isha Ambani will be crowned at Reliance Retail, may be announced today
Posters against Kejriwal are now in Delhi, CM said - those who put up posters should not be arrested
The phase of the poster war between the BJP and Aam Aadmi Party has started in the national capital Delhi. BJP leader Manjinder Singh Sirsa put up controversial posters against Chief Minister Arvind
Vikrant Massey left the industry? Announced retirement from acting, wrote in the post 'Now it's time to go back home...'
Vikrant Massey is one of the most talented actors in Bollywood. He has played many types of roles in his career so far and has made a place in the hearts of the audience. But on December 1, Vikrant
Shahrukh reached Vaishno Devi before the release of the film Pathan: seen in the black jacket in the VIDEO, face covered
Shahrukh Khan visited Maa Vaishno Devi on Sunday. It is being said that he had arrived for the promotion of his upcoming film Pathan. Had gone to pray for the success of the film.
Boys dance wearing burqas in Mangaluru: College claims Muslim students dancing; all four suspended
In a college in Mangaluru's Vamanjoor, some boys danced wearing burqas. After the video went viral on social media, St. Joseph's Engineering College has taken action and suspended the four students.
PM Modi: PM Modi will visit Gujarat on the 26th; and will unveil the country's first 9000 horsepower electric locomotive engine
Prime Minister Narendra Modi will visit Gujarat on a two-day visit on May 26. During this, he will unveil the country's first 9,000 horsepower locomotive engine. He will also participate in a roadshow
The betel nut was given to kill the husband, and the merciful miscreants put tomato ketchup and sent the photo; such a trapped cheating wife
A woman had given betel nut to three goons to kidnap and kill her husband. The woman felt that through this she would be able to carry out her dangerous plans, but it could not happen. The goons who
Yemen: No ceasefire extended in Yemen, India expressed deep disappointment, Indian envoy to the UN said this
India has expressed deep disappointment over the non-extension of the ceasefire between the Yemen government and the Iran-backed Houthi rebels. India's Permanent Envoy to the United Nations Ruchira
ICAI CA Results: ICAI CA Final, Inter May 2023 result released; can download like this
ICAI CA Final Inter Result 2023: ICAI CA Inter, Final Result 2023 has been announced by the Institute of Chartered Accountants of India (ICAI) on Wednesday, 05 July 2023. After the declaration of the
Lokpal: Lokpal to be sensitive while redressing complaints, RBI governor appeals
The ombudsman should be sensitive while the redressal of customer complaints. The RBI Ombudsman and Regulated Entities (REs) must first identify the root causes of persistent customer complaints. Then
PM Modi: 'This time, countdown and rocket are also ours', PM Modi said after announcing the names of astronauts
Prime Minister Narendra Modi has reached Thiruvananthapuram, Kerala today. During this, he visited the Vikram Sarabhai Space Center (VSSC). Chief Minister Pinarayi Vijayan, Minister of State
