In a major relief to Chitra Ramakrishnan, former MD and CEO of National Stock Exchange and Platforms, the Securities Appellate Tribunal (SET) has cleared the case of markets regulator SEBI for clearance of Rs. 624 crores have been set aside. The tribunal imposed a penalty on NSE of Rs. 100 crore has been ordered to pay the fine. According to the legal representatives, the allegations in the investigation against NSE have been partially set aside.
The SET also quashed the dismissal orders against Ramakrishnan and former NSE CEO Ravi Narayan. While giving relief to both, the tribunal also reduced the period already elapsed from the ban of five years. However, the SEBI order upheld the charges against him. The Tribunal dismissed the appeals of the intervenor in this regard and partially quashed the investigation against NSE. During the hearing, the SET accepted all probes against OPG Securities and referred the matter back to SEBI for recalculation of the amount of misconduct in the matter. A period of four months was returned to the market regulator for recalculation. Low Point represented SEBI on this issue.
In a case against NSE in April 2019, the market watchdog ordered NSE to pay Rs. Said to give 624 crores. SEBI has been doing this calculation since April 2014 for violations of the Stock Exchange and Clearing Corporation Rules. Several clients had complained against NSE on the issue of co-location on the issue of selective access.