Sebi fines NSE and two former CEOs in co-location case, drops fraud charges

Exchange made to shell out Rs 1 cr, former heads told to cough up Rs 25 lakh each

The Securities and Exchange Board of India (Sebi) on Wednesday imposed a penalty of Rs 1 crore on the National Stock Exchange (NSE) and Rs 25 lakh each on former heads Ravi Narain and Chitra Ramkrishna in a fresh order in the co-location case.

The regulator dropped the allegations of fraudulent and unfair trade practices against NSE, Narain and Chitra and has charged them for violation of the Securities Contracts Stock Exchanges and Clearing Corporations (SECC) Regulations.

The violation is of provisions pertaining to “equal, unrestricted, transparent and fair access to all persons without any bias.”

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