New Delhi: The Securities and Exchange Board of India (Sebi) on Friday partially relaxed the order against OPG Securities and three directors in the NSE co-location facility case, by allowing the stock broker to close open positions in the futures & options (F&O) and currency derivatives segments within two months.
On Tuesday, Sebi had barred OPG Securities and its three directors from markets for five years and asked them to disgorge illegal gains worth ₹15.57 crore along with a 12% annual interest for gaining unfair advantage over other trading members by connecting to the secondary server on a daily basis without valid reasons in the NSE's co-location facility.
Following the order, it is understood that OPG Securities is holding open positions in the F&O and currency derivatives segments at the end of trading on 30 April 2019, which need to be closed, the regulator said.
Accordingly, "the directions issued vide the final order shall stand relaxed for the limited purpose of allowing the Noticees to close the open positions in the futures and options and currency derivatives segments of OPG Securities Pvt Ltd on or before the expiry date of the respective contracts or within a period of two months from 30 April 2019, whichever is earlier," Sebi said.
Noticees include OPG Securities and its three directors Sanjay Gupta, Sangeeta Gupta and Om Prakash Gupta.
However, the relaxation is subject to certain conditions, the market regulator said.
Also read: SAT sets aside NSE's 2017 order against OPG Securities in co-location case
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