India securities tribunal offers relief to NSE in colocation case

[1/2] A female strolls past the logo design of the Securities and Exchange Board of India (SEBI), at its head office in Mumbai, India, May 27, 2022. REUTERS/Francis Mascarenhas Jan 23 (Reuters) – India’s appeals tribunal on Monday reserved a judgment by the markets regulator versus the National Stock Exchange (NSE), the nation’s biggest stock market, in a colocation case of 2019, according to an order released on the tribunal’s site. The tribunal bought the NSE to pay the 1-billion-rupees ($12.3 million) charge for system lapses however reserved a disgorgement of almost 11 billion rupees for unlawful gains imposed by the Securities and Exchange Board of India (SEBI). “Even though (the) NSE has actually not enjoyed any dishonest act or has unjustly enriched itself, the instructions to disgorge, in our viewpoint, can not be sustained,” the Securities Appellate Tribunal (SAT) stated in its order. “However, the NSE has actually not followed its own standards and standards,” it included. Authorities at the NSE and SEBI did not instantly react to Reuters’ ask for remark. In 2019, SEBI passed a series of orders versus the NSE and its previous presidents, Chitra Ramkrishna and Ravi Narain, declaring the exchange did not work out due diligence when putting in location a network, which enabled high-frequ
Find out more