NSE withholds proposed six-month ban on OPG Securities
PTI|
Updated: Sep 25, 2017, 08.29 PM IST
Leading exchange NSE today put on hold the proposed six-month ban on OPG Securities -- which is at the centre of the co-location case -- as the proceedings are pending before the Securities Appellate Tribunal (SAT).
The case relates to some brokers allegedly getting preferential access through co-location facility at the NSE, early login and dark fibre, which can allow a trader a split- second faster access to data feed of an exchange.
Even a split-second faster access is considered to result in huge gains for a trader.
In a circular, the exchange said that in view of proceedings pending before SAT, suspension of the member OPG Securities "is withheld until further notice".
On September 4, NSE had communicated through a circular that OPG Securities would be suspended from trading in the "capital market, futures and options and currency derivatives segments".
The suspension was to come into effect from September 29, 2017, and last till March 28, 2018.
An NSE spokesperson on September 5 had said that OPG Securities would be suspended for six months as trading member of all segments of this exchange with immediate effect after observance of necessary formalities and any other prescribed procedural requirements.
Markets regulator Sebi is probing the NSE co-location case.
In July, Sebi Chairman Ajay Tyagi had termed the co- location case as "a serious matter".
The case relates to some brokers allegedly getting preferential access through co-location facility at the NSE, early login and dark fibre, which can allow a trader a split- second faster access to data feed of an exchange.
Even a split-second faster access is considered to result in huge gains for a trader.
In a circular, the exchange said that in view of proceedings pending before SAT, suspension of the member OPG Securities "is withheld until further notice".
On September 4, NSE had communicated through a circular that OPG Securities would be suspended from trading in the "capital market, futures and options and currency derivatives segments".
The suspension was to come into effect from September 29, 2017, and last till March 28, 2018.
An NSE spokesperson on September 5 had said that OPG Securities would be suspended for six months as trading member of all segments of this exchange with immediate effect after observance of necessary formalities and any other prescribed procedural requirements.
Markets regulator Sebi is probing the NSE co-location case.
In July, Sebi Chairman Ajay Tyagi had termed the co- location case as "a serious matter".
