NSE Co-Location Case: SEBI Partially Relaxes Order Against OPG Securities, 3 Directors

The Securities and Exchange Board of India on Friday partially relaxed the order against OPG Securities and three directors in the NSE co-location case by allowing the stockbroker to close open positions in the F&O and currency derivatives segments within two months.

SEBI had on Tuesday barred OPG Securities and its three directors from markets for five years and asked them to disgorge illegal gains worth Rs 15.57 crore along with 12 percent annual interest for gaining unfair advantage over other trading members by connecting to secondary server on a daily basis without valid reasons in NSE's co-location facility.

Following the order, it is understood that OPG Securities is holding open positions in the futures and options and currency derivatives segments at the end of trading on Apr. 30, 2019, which need to be closed, the regulator said.

Accordingly, "the directions issued vide the final order shall stand relaxed for the limited purpose of allowing the noticees to close the open positions in the futures and options and currency derivatives segments of OPG Securities Pvt. Ltd. on or before the expiry date of the respective contracts or within a period of two months from April 30, 2019, whichever is earlier," the markets regulator said. The relaxation is subject to certain conditions, SEBI said.

Noticees are OPG Securities and its three directors Sanjay Gupta, Sangeeta Gupta and Om Prakash Gupta.