Ripples Advisory- Stock cash TipsShare Market Tips Commodity Tips | Stock advisory tipsShare Market Tips Commodity Tips | Stock advisory tips | Share Market Tips
SEBI allows OPG Securities, Way2Wealth and GKN Securities to square off open positions
Last week, SEBI had barred Way2Wealth and GKN from taking on any new clients for one year and from accessing the securities markets for two years
Market regulator Securities and Exchange Board of India has allowed OPG Securities, Way2Wealth Brokers, and GKN Securities — the three broking firms found guilty of violating regulations relating to the co-location server facility — to square off their open positions in the equity derivatives and currency derivatives segment.
Last week, SEBI had barred Way2Wealth and GKN from taking on any new clients for one year and from accessing the securities markets for two years. Both broking firms were found guilty by SEBI of colluding with the National Stock Exchange for faster access to price feeds. In addition to the ban, Way2Wealth was fined Rs 15.34 crore and GKN Rs 4.9 crore.
OPG has been barred by SEBI from taking on new clients for one year and from accessing the capital market for five years and has been fined Rs 15.57 crore. In addition, directors in the broking firm too have been barred from the securities market for five years and fined Rs 15.57 crore each.
“The directions issued vide the final order shall stand relaxed for the limited purpose of allowing the notices to close the open positions in the futures and options and currency derivatives segments of OPG Securities Pvt on or before the expiry date of the respective contracts or within a period of two months from April 30, whichever is earlier. The aforementioned relaxation is subject to the payout/proceeds, if any, with respect to such closure of open positions being kept by the notices in an Escrow Account created specifically for the purpose in a nationalised bank,” the SEBI order said, clarifying that the amount to be kept in the escrow would be limited to Rs 15.57 crore, the amount it has to pay a penalty to SEBI.
For daily MCX tips and Stock Market calls click this link to get connected with us Stock Market Tips fill our Two Days Free Trial >>>
0 comments
Note: only a member of this blog may post a comment.