No fine on 5 show-caused in NSE’s co-location scam: Sebi

Mumbai: Five former NSE associates, who were show-caused by

Sebi

in the co-location scam, will not have to pay any penalty, said the regulator. However, Sebi’s directive to the NSE to investigate and pass orders against its former employees for wrongdoings will continue.


Sebi had issued show-cause notices to Subramanian Anand,

Ravi Apte

,

Umesh Jain

, Mahesh Soparkar and Deviprasad Singh, who were either employees or consultants with the NSE during the co-lo scam between 2013 and 2015. According to Sebi’s findings, during this period top officials at

OPG Securities

, a broker on the NSE, used technology and also their personal contacts to hack the exchange’s derivatives trading system to make unlawful gains.

It was alleged that Anand, as the chief strategy officer and then chief operating officer during these years, had failed to “ensure proper systems, checks and balances to provide fair and equitable access to all”. Likewise, there were allegations against the other four also.

However, Sebi’s adjudicating officer found that the allegations were to be dealt with by the NSE through a Sebi-directed investigation. It was also found that Anand, Apte and Jain were exonerated of the charges by another order of Sebi in a related investigation. “Taking into account the findings and policy of Sebi in such parallel matters, I hold that the case does not warrant imposition of any monetary penalty” on Anand, Apte, Jain, Soparkar and Singh, the order noted.


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