SEBI imposes ₹7 cr fine on NSE, ₹5 cr each on Chitra Ramkrishna, Ravi Narain in 'dark fibre' case

New Delhi Capital markets regulator SEBI has penalised total 18 entities, including National Stock E

Capital markets regulator SEBI has penalised total 18 entities, including National Stock Exchange (NSE) and its former chiefs Chitra Ramkrishna and Ravi Narain in the ‘dark fibre’ case.

The regulator has imposed a penalty of ₹7 crore on NSE and ₹5 crore each on Ms. Ramkrishna and Mr. Narain. Besides, a fine of ₹5 crore has been levied on Subramanian Anand.

Further, SEBI has slapped a fine of ₹6 crore on Way2Wealth Brokers, ₹5 crore on GKN Securities and ₹3 crore on Sampark Infotainment.

They have been asked to pay the total amount of penalty within 45 days, according to a SEBI order passed on Tuesday.

The case relates to the alleged differential access given to certain broking firms in the form of ‘dark fibre’ at NSE, to connect across the colocation facilities before other members.

A dark fibre or unlit fibre, with respect to network connectivity, refers to an already laid but unused or passive optical fibre, which is not connected to active electronics/equipment and do not have other data flowing through them and available for use in fibre-optic communication.

SEBI initiated investigation with respect to the dealings of the several entities, for the period 2009 to 2016 to investigate into the matter of providing connectivity to certain stock brokers by NSE in a manner which may be detrimental to the investors or the securities market.