Sebi Dismisses Regulatory Violations Charges Against NSE

The Securities and Exchange Board of India (Sebi) dismissed regulatory violations charges against the National Stock Exchange (NSE) and seven former employees, including Chitra Ramkrishna and Ravi Narain, in a 2019 case concerning the co-location facility, citing insufficient evidence.

The Securities and Exchange Board of India (Sebi) on Friday dismissed regulatory violations charges against the National Stock Exchange (NSE) and its seven former employees, including Chitra Ramkrishna and Ravi Narain, in relation to the 2019 co-location facility case. The regulator cited insufficient evidence as the basis for this decision.

Sebi's 83-page order highlighted that the available material and objective facts failed to justify claims of collusion between OPG Securities, its directors, and the NSE employees. The alleged case involved preferential access given to certain broking firms at NSE.

Furthermore, Sebi noted that while NSE did not have a detailed policy for the use of the co-location facility, this did not necessarily imply collusion. As a result, Sebi dismissed charges of violating regulatory guidelines, emphasizing the absence of conspiracy or indirect consent in the matter.

(With inputs from agencies.)