Sebi slap with a fine

The Securities and Stock Exchange Council in India (SEBI) imposed a fine of 5.2 rupees on OPG papers and its three directors regarding the issue of the joint site of the National Stock Exchange (NSE).

By 25 pages, Seebi imposed a penalty of 5 rupees on OpG Securities and its managers – Sanjay Gupta, Sangeta Gupta, and om Prakash Gupta – combined to participate in unfair commercial practices. In addition, Sebi fined OPG Securities and Sanjay Gupta RS 10 Lakh each for not compliance with the regulatory rules and obstruction of the investigation, respectively.

In the last referee, Sebi stated that OPG failed to maintain the criteria for integrity, care and diligence in its commercial operations. In addition, one of the directors was found that he hindered Sebi investigations by lack of cooperation.

The Securities Appeals Court (SAT) previously confirmed that OPG Securities has received an unauthorized access to the NSE secondary server, which led to unfair profits. SAT SAT ordered the SEBI instructions to review the amount of the punishment and dislocation, which had previously canceled the dismantling of 15.57 rupees issued by a SEBI member.

In September 2024, the market organizer rejected the charges against NSE and former executives due to the lack of evidence to support these allegations. However, OPG’s khula was revised to 85 rupees. Despite the increase in the imbalance, the new punishment remains the same as the SEBI 2021 command.

Before the new order, OPG Sebi requested that the procedures be suspended until the appeal is resolved in the Supreme Court. The market organizer explained that the new procedures focus only on re -evaluating the punishment as the court imposed. OPG competes for the previous SABI results in SAT and SUPREME, with a resumption currently hanging.