SEBI fines NSE, Chitra Ramakrishna, Ravi Narain in co-location case

In the high profile co-location matter, markets regulator Sebi on Wednesday imposed a penalty of Rs 1 crore on the National Stock Exchange (NSE) for failing to ensure a level-playing field for trading members subscribing to its tick-by-tick (TBT) data feed system.

In addition, the regulator levied a fine of Rs 25 lakh each on NSE's former managing directors and chief executive officers Chitra Ramakrishna and Ravi Narain, according to a Sebi order.

Sebi said that NSE flouted the principles underlying the conduct of business of a stock exchange, pertaining to fair and equitable access to information.

The NSE has failed to comply with the provisions of SECC Regulations in letter and spirit and Ramakrishna and Narain are vicariously liable for the acts of omissions/ commissions committed by the exchange during the investigation period, Sebi said in the order.