Delhi-based brokerage firm OPG Securities Ltd has moved the Securities Appellate Tribunal (SAT) against the Securities and Exchange Board of India (SEBI)’s order, barring it from accessing the capital markets for five years, besides a fine of 15.57 crore for securing unfair access to systems of the National Stock Exchange of India (NSE).

The SEBI had issued the order on Tuesday, and the matter will be heard by the SAT on Thursday.

GKN Securities which was barred over misuse of the so-called dark fibre issue has also appealed against SEBI directions.

The regulator, in a separate order, had also barred the NSE for six months from the securities market, and asked it to disgorge nearly 1,200 which is the profit made by NSE through its co-location services between 2010 and 2014 including interest

Under co-location services, some brokers trading from the same premises where NSE’s algorithmic trading servers are located were able to get faster access to the trading systems, thus gaining an unfair advantage over others.

Meanwhile, OPG Securities on Wednesday got relief from SAT on the NSE’s September order that suspended the brokerage firm for six months as it had accessed secondary servers for faster access to NSE systems.

SAT had then remanded the matter back to the NSE for fresh examination. “In view of the fact that another forensic investigation report has come up, it would be in the interest of justice that the impugned order be quashed and set aside and the matter be remanded to the respondent stock exchange to have a fresh look in the matter," SAT said, referring to a forensic audit by Ernst and Young Llp, which was submitted to SEBI in June 2018.

NSE has been asked to pass a fresh order within six weeks.

NSE’s suspension notice to OPG was on the ground that secondary severs were a part of the contingency plan and members were supposed to log onto that only in case the first server failed.

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