Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusiness

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.

April 30, 2019 / 10:15 PM IST

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.

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.

Moneycontrol News
first published: Apr 30, 2019 10:15 pm

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347