SEBI Penalty: SEBI slaps 44 crores fine on NSE, Chitra Ramakrishna, and 16 others


Posted on 30th Jun 2022 01:55 pm by rohit kumar

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

1 Like 0 Dislike
Previous news Next news
Other news

IND vs USA: Pakistan's hopes remain alive with the Indian team's victory over America, Suryakumar-Shivam's excellent partnership

After a brilliant performance by the bowlers led by fast bowler Arshdeep Singh, India qualified f

No TMC in Bengal, MLAs preparing to leave BJP: Unable to leave due to fear of Delhi, but facing TMC is like a thorn

"We have good relations with 38 MLAs in Bengal...21 so we are in direct contact... Now the music

Argentina: Lionel Messi created history, scored his 100th goal in international football; Scored a hat-trick in 37 minutes

The world champion football team Argentina crushed Coração 7-0 in an international

Uttarakhand Accident: Tragic accident in Pithoragarh, Uttarakhand, jeep fell into a 600-meter-deep ditch; nine people died

A painful accident took place in Pithoragarh, Uttarakhand. A jeep going from Sama in Bageshwar to

TDP leader's statement regarding demands in Modi Government 3.0, he also said this about Muslim reservation

NDA has chosen Narendra Modi as its leader. He can take oath as PM on 9th June at 6 pm. This time

A statement from America increased the beating of Pakistan, and China, then took India head-to-head

America has once again made it clear that if any country can help stop China in Asia, then it is

Shraddha Murder Case: Deputy CM Fadnavis said, 'SIT will investigate Shraddha murder case', opposition also said - hang the culprit

Shraddha Walker Murder Case: A big announcement has been made by the Maharashtra government on Tu

Elon Musk's attitude suddenly changed, said - Ukraine cannot be given free internet forever

Elon Musk, the world's richest man, has suddenly changed his attitude towards Ukraine. Musk says

Islamic extremism a big threat in Britain: PAK is provoking UK Muslims on Kashmir; Khalistani supporters speaking against India

Islamic extremism in Britain is becoming a major threat to the country. Along with this, the radi

Petrol Diesel Price: Oil companies have released the prices of petrol and diesel, know how much are the prices in your city

Oil companies have released the prices of petrol and diesel for today. Today companies have not m

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash