The Securities and Exchange Board of India (Sebi) struck heavy penalties in one 2015 ‘dark fiber’ Case where certain brokers were exploited the National Stock Exchange (NSE) Internet infrastructure to get faster connection to its colocation (Colo) facilities. The market regulator has imposed a penalty of Rs 7 crore on NSE and Rs 5 crore to former Managing Director and Chief Executive Officer (CEO) Chitra Ramkrishna.
In this case, a total of 18 companies received penalties. It has also fined former Group Operating Officer Anand Subramanian and current Chief Business Development Officer Ravi Varanasi Rs 5 crore each. Internet service provider Sampark Infotainment has been asked to pay Rs 3 crore. Online trading firms Way2Wealth and GKN Securities were also asked to pay Rs 6 crore and Rs 5 crore respectively.
Important findings for all selection tests:
- SEBI founded: 1988;
- SEBI Act: 1992;
- SEBI Headquarters: Mumbai, Maharashtra;
- SEBI First Women Chairman: Madhabi Puri Buch (present);
- SEBI was legally recognized in 1992 on the recommendation of the Narasimham Committee.
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