SEBI fines NSE, Chitra Ramakrishna, Ravi Narain in co-location case

In the high profile co-location matter, markets regulator Sebi on Wednesday imposed a penalty of Rs 1 crore on the National Stock Exchange (NSE) for failing to ensure a level-playing field for trading members subscribing to its tick-by-tick (TBT) data feed system.

In addition, the regulator levied a fine of Rs 25 lakh each on NSE's former managing directors and chief executive officers Chitra Ramakrishna and Ravi Narain, according to a Sebi order. Sebi said that NSE flouted the principles underlying the conduct of business of a stock exchange, pertaining to fair and equitable access to information.