NSE fined 100 crore rupees know what is the matter – Business News India

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NSE fined 100 crore rupees know what is the matter – Business News India

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The National Stock Exchange (NSE) has been fined ₹100 crore. The action on the stock exchange comes in connection with the alleged co-location trading scam in May 2018. NSE will have to pay ₹100 crore as penalty to the market regulator SEBI (Securities and Exchange Board of India).

The Securities Appellate Tribunal (SAT) on Monday reduced the disgorgement order of ₹625 crore in the NSE co-location case. In this case, the stock exchange will have to pay only ₹ 100 crore. The SAT order also stated that the stock exchange did not make any illegal profit in the co-location case.

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What is the matter?
The co-location scam shows the misuse of the high-tech trading infrastructure of the NSE. In 2019 SEBI passed several orders against NSE and its former chief executive officers, Chitra Ramakrishna and Ravi Narayan. It was alleged that the exchange had created a network through which trading was being done in a wrong way. SEBI had ordered NSE to deposit around ₹1,100 crore, including interest, in an investor fund and barred it from raising funds directly and indirectly from the securities market for six months.

 

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