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Last Updated : Apr 30, 2019 10:15 PM IST | Source: Moneycontrol.com

NSE co-location case: SEBI bars OPG from securities market for 5 yrs; asks co, directors to disgorge Rs 15.57cr

SEBI also prohibited OPG from taking any new clients for a period of one year from the date of the order.

The Securities and Exchange Board of India (SEBI) on April 30 barred OPG Securities, the prime accused in the NSE co-location case, from accessing the securities market and buying, selling or dealing in the securities market for a period of five years in the NSE.

SEBI also prohibited OPG from taking any new clients for a period of one year from the date of the order.

The regulator directed the firm and its directors Sanjay Gupta, Sangeeta Gupta and Om Prakash Gupta to disgorge Rs 15.57 crore along with interest at the rate of 12 percent per annum from April 7, 2014 onward until the date of payment.

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Following are the key directions listed in the SEBI order:

- OPG Securities shall be prohibited from accessing the securities market and from buying, selling or otherwise dealing in securities, in its proprietary account(s), either directly or indirectly, for a period of five years from the date of this order. During this period, the existing holding of securities (including units of mutual funds) will remain frozen.

- OPG Securities, in its capacity as a stock broker, shall not take any new clients for a period of one year from the date of this Order.

- Directors Sanjay Gupta, Sangeeta Gupta and Om Prakash Gupta shall be prohibited from accessing the securities market and from buying, selling or otherwise dealing in the securities market, either directly or indirectly, for a period of five years from the date of this Order. During this period, the existing holding of securities (including units of mutual funds) shall remain frozen.

- OPG Securities and the directors listed above shall disgorge an amount of ₹15.57 crore along with interest at the rate of 12 percent per annum from April 7, 2014 onwards, till the date of payment. The said amounts will have to be paid jointly and severally within 45 days from the date of the order in favour of SEBI.
First Published on Apr 30, 2019 10:15 pm
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