NSE co-location case | Stock exchange to now pay SEBI Rs 100 crore as SAT slashes disgorgement order

The Securities Appellate Tribunal (SAT) has slashed the disgorgement order of Rs 625 crore in the NSE co-location case. Instead, the National Stock Exchange (NSE) has to pay only Rs 100 crore to the SEBI as disgorgement amount in the case, according to the SAT order.

It also stated that the stock exchange did not make any illicit gains in the co-location case.

On former NSE chairman Ravi Narain and former managing director and CEO of the stock exchange Chitra Ramkrishna, the SAT order said they both failed their duty and the disgorgment can't be made from their salary.

Meanwhile, on OPG Securities, the SAT order stated that disorgement amount has to be calculated again.

The SAT order also slashed the earlier disgorgement order of Rs 15.57 crore against OPG Securities in the co-location case and said the amount would be calculated again.

The ED had arrested Narain in September last year, in the NSE co-location case. In July, the Central Bureau of Investigation (CBI) had a filed a fresh FIR against Ramkrishna along with Narain, Sanjay Pandey and others in the co-location scam on instructions from the ministry of home affairs.

Narain, the former NSE head, and Pandey, who headed the Mumbai police in the past, and Ramkrishna have been accused of illegally tapping the phone calls of NSE employees between 2009 and 2017 via Pandey's firm iSEC securities.