Sebi Clears NSE and Ex-Employees of Regulatory Charges

Sebi has dismissed regulatory violation charges against the National Stock Exchange (NSE) and seven former employees, including Chitra Ramkrishna and Ravi Narain, due to lack of sufficient evidence. The case involved alleged preferential access through 'dark fibre' at the NSE’s co-location facility.

New Delhi, Sep 13 (PTI) — In a significant development, Sebi on Friday dismissed regulatory violation charges against the National Stock Exchange (NSE) and seven of its former employees, including Chitra Ramkrishna and Ravi Narain. The decision was attributed to a lack of sufficient evidence to prove any wrongdoing.

In its extensive 83-page order, Sebi stated that the test of 'preponderance of probability' did not offer enough justification to establish collusion or connivance between the accused parties and OPG and its directors. Consequently, charges were dropped not only against NSE, Ramkrishna, and Narain but also against Anand Subramanian, Ravindra Apte, Umesh Jain, Mahesh Soparkar, and Deviprasad Singh.

The case stemmed from allegations of preferential treatment given to certain broking firms through the use of 'dark fibre' at the NSE's co-location facility. This dark fibre, an unused optical fibre, was purportedly used to provide these firms with an undue advantage.

(With inputs from agencies.)