SAT refuses further relief to OPG Securities in NSE co-location case

Rejects OPG plea to deposit Rs 99 lakh of a total Rs 7.5 cr with Sebi in cash, and the rest in securities; gives firm till May 30 to deposit in cash or PSU bank guarantee

The Securities Appellate Tribunal (SAT) has refused to grant further relaxations to OPG Securities, which has been charged by the market regulator in the National Stock Exchange (NSE) colocation case. 

Earlier this month, the tribunal had allowed an interim stay on an order passed by market regulator, the Securities and Exchange Board of India (Sebi), barring the brokerage from accessing the markets. SAT, however, had directed OPG to deposit Rs 7.5 crore with Sebi before May 20. 

OPG had made a fresh plea before SAT to allow it to deposit Rs 99 lakh in cash and the rest in the form securities. The tribunal refused to accept the plea, however, and made partial modifications to its May 6 order. 

“We do not find any merit in the modification application. We, however, modify the order to the extent that it would be open to the appellants to deposit a sum of Rs 7.5 crore in cash or in the form of a bank guarantee given from a nationalised bank to be deposited before the respondent on or before May 30, 2019 failing which the interim order shall stand vacated automatically,” SAT said in an order dated May 20.