Sebi fines OPG Securities, its directors in co-location case

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Sebi fines OPG Securities, its directors in co-location case


Mumbai: The Securities and Exchange Board of India (Sebi) has imposed a penalty of Rs 5.20 crore on OPG Securities and its directors in the co-location case. The OPG Securities directors who have been penalised include Sanjay Gupta, Sangeeta Gupta and Om Prakash Gupta.

Sebi alleged that OPG used NSE’s system to its advantage by having an arrangement with an NSE staff that helped it to connect first. The first one to connect to the lowest load server would get advantage in terms of receiving data faster than others.

Sebi had asked the NSE board to initiate a forensic investigation of all the concerns raised by it, for which the NSE board appointed Deloitte. The regulator had instructed OPG Securities to give access to computers, terminals and electronic records to Deloitte. It also directed OPG not to delete or make modification to any of the records, emails, communications and IT logs.

However, Deloitte in its report informed that a factory reset was performed on the phone of Sanjay Gupta prior to handing it over for forensic imaging.





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