Sebi Fines Nse Rs 7 Crore, Chitra Ramkrishna Rs 5 Crore in ‘Dark Fibre’ Case

The Securities and Exchange Board of India (SEBI), a market regular, has imposed a fine of Rs 7 crore on the National Stock Exchange (NSE) and Rs 5 crore on former CEO Chitra Ramkrishna in the case of the “ dark fiber.

It also fined former NSE officials Anand Subramanian and Ravi Varanasi each Rs 5 crore while Way2Wealth Brokers were asked to pay a fine of Rs 6 crore.

The case concerns the alleged differential access granted to certain brokerage firms and certain members in the form of “dark fiber” at NSE, in particular to connect to colocation facilities before other members.

A dark fiber or unlit fiber is an already laid but unused optical fiber that does not carry any data and is available for fiber optic communication use.

The Central Bureau of Investigation (CBI) had filed an FIR in the NSE manipulation case – also known as the NSE roommate case – in 2018. However, it was not until this year that the agency began its investigating the involvement of former CEO Chitra Ramkrishna and other officials.

The CBI arrested former NSE chief operating officer Anand Subramanian and Ramkrishna in connection with the case in February and March, respectively. The arrest came after a SEBI report alluding to several rule violations by Ramkrishna in appointing Subramanian and leaking confidential information.

The agency filed a lawsuit against the two in April.

First post: STI


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