narain - Latest News Update, Information, Photos & Videos on narain at Lokmat Times

When contacted, NSE spokesperson declined to comment. The exchange has made a regulatory filing on the development."The holding company is in the process of filing an appeal to contest the aforesaid orders with the Hon'ble Securities Appellate Tribunal, the future outcome of which is uncertain at this stage," the NSE said in its consolidated financial statements for 2018-19.In a volume of five orders issued on May 1, Sebi had asked the NSE to "disgorge" its profits from co-location worth Rs 624.89 crore at 12 per cent interest to the Investor Protection and Education Fund (IPEF). The amount with interest would add up to about Rs 1,000 crore.The Sebi had also penalised NSE's two former CEOs and founding members Ravi Narain and Chitra Ramakrishna.Narain, who was heading the exchange between 2010 and 2013, was asked to deposit 25 per cent of his salary for the three fiscals in IPEF, while Ramakrishna, who was the CEO of the exchange starting fiscal 2014, was asked to deposit 25 per cent of her salary for that fiscal. She stepped down as CEO in December 2016.In the order, the regulator had found lapses in the use of dark fibre by certain trading members in violation of NSEs own policy norms.Dark fibre is a dedicated communication line through which messages travel faster than regular lines because of the absence of other traffic.But, there is nothing illegal about using such faster connectivity infrastructure. Sebi held that NSE had been taking inconsistent positions and its conduct broke its own rules right from the time when a non-registered member, Sampark, was granted permission in April 2015 to lay dark fibre cable for two brokerage firms leading to lack of fair play and favourtism."The data so received from NSE was being misused for the purpose of developing algo-based trading software for their commercial gains," S.K. Mohanty, a full-time member of Sebi had said earlier.

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Lok Sabha Election 2024

Ram Navami 2024

Dubai Rains

Maharashtra Lok Sabha Election

IPL 2024

Salman Khan

NarainFOLLOW

Narain, Latest News

Business :SEBI absolves former NSE boss and 9 others in co-location case

Market regulator SEBI on Thursday absolved former NSE CEO, Ravi Narain and 8 others in the co-location case wherein brokers were alleged to have received preferential access to the trading systems of the bourse. ...

Business :Co-location case: NSE to appeal against Sebi order

NSE will appeal against a Sebi order in the co-location issue in which it has been penalised up to Rs 1,000 crore and barred from approaching market for the next six months at the Securities Applleate Tribunal (SAT). ...