: Sebi penalises NSE, former chief, 16 others in ‘dark fibre’ case #finance #StockMarketNEWS #Business Press Trust of India New Delhi Sebi has imposed a penalty totalling `44 crore on 18 entities,

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Sebi penalises NSE, former chief, 16 others in ‘dark fibre’ case #finance #StockMarketNEWS #Business
Press Trust of India

New Delhi

Sebi has imposed a penalty totalling `44 crore on 18 entities, including National Stock Exchange (NSE), its business development officer Ravi Varanasi, former MD and CEO Chitra Ramkrishna and her adviser Subramanian Anand along with certain stock brokers in the ‘dark fibre’ case.

Apart from NSE and its former officials, others penalised by Sebi are stock brokers Way2Wealth Brokers and GKN Securities Sampark Infotainment and their respective employees.

The regulator has imposed a penalty of `7 crore on NSE, `5 crore each on Ramkrishna, Varanasi and Subramanian Anand, who was Group Operating Officer and adviser to then MD Ramkrishna.

Also, Sebi levied a fine of `1 crore each on Nagendra Kumar SRVS and Deviprasad Singh.

Further, Sebi has slapped a fine of `6 crore on Way2Wealth Brokers, `5 crore on GKN Securities and `3 crore on Sampark Infotainment.

They have been asked to pay the penalty amount within 45 days, according to a Sebi order passed on Tuesday.

The case relates to the alleged differential access given to certain broking firms in the form of ‘dark fibre’ at NSE, to connect across the co-location facilities before other members.

A dark fibre or unlit fibre, with respect to network connectivity, refers to an already laid but unused or passive optical fibre, which is not connected to active electronics and does not have other data flowing through them and available for use in fibre-optic communication.