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SAT gives four weeks to NSE, ex-officials to file reply in co-location case

NSE and the people punished, challenged the order at the SAT on May 21

Press Trust of India  |  Mumbai 

Sebi has ordered former CEO of the NSE, Chitra Ramkrishna, and three others to pay back 25% of their salaries for the period involving the scam
Sebi has ordered former CEO of the NSE, Chitra Ramkrishna, and three others to pay back 25% of their salaries for the period involving the scam

(SAT) on Wednesday asked and its ex-officials, including the former CEO Chitra Ramkrishna, to file their rejoinders within four weeks in their plea against that penalised them in the

The tribunal also fixed November 27, as the date for the disposal of the case and said no further extension will be granted to anyone.

On April 30, market watchdog had ordered to disgorge Rs 1,000 crore including 12 per cent interest, and had also asked Ramkrishna and three others to pay back 25 per cent of their salaries for the period involving the scam between 2011 and 2014 that came to light in 2015.

and the people punished, challenged the order at the SAT on May 21.

The dates back to 2015, when a whistleblower wrote to alleging that NSE was giving a few high-frequency traders and brokers preferential access to its trading platform which benefited both the parties at the cost of others.

The whistleblower had alleged that some brokers had figured out that the way to manipulate the system by becoming the first one to connect to the server-- preferably the one which was the faster.

Sebi said NSE committed fraudulent and unfair trade practice as contemplated under the Sebi PFUTP (prohibition of fraudulent and unfair trade practices) regulations.

First Published: Wed, September 18 2019. 13:15 IST
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