SAT relief to three senior NSE officials, brokers in co-location case

Sebi has barred the three officials from holding any position with any stock exchange, depository, clearing corporation and any intermediary registered with it for two years

The Securities Appellate Tribunal (SAT) on Monday granted interim stay on the orders passed by the Securities and Exchange Board of India (Sebi) against three senior officials of the National Stock Exchange (NSE).
 

The regulator in its order had said that the three officials — Ravi Varanasi, head of business development, Nagendra Kumar SRVS, head of membership department, and Deviprasad Singh, head of colocation support — were guilty of colluding with stockbrokers Way2Wealth Brokers and GKN Securities, leading to the latter gaining an unfair advantage over other brokers in access of price feed.
 

Sebi had barred the three officials from