The SAT said that not installing the load balancer was a mistake on the part of NSE. Therefore, a penalty of Rs 100 crore is being imposed on NSE.
In this context, Sebi will have to deduct Rs 100 crore from the total penalty imposed and return the remaining amount within 6 weeks.
The Security Appellate Tribunal (SAT) has given an important decision on Monday in the NSE co-location case. Under this, the order of disinvestment of Rs 625 crore has been rejected. Along with this, Chitra Ramakrishnan and Ravi Narayan have also been given great relief. Under this, SEBI's ban on both has been rejected.
The SAT gave an important decision:
THE SAT said NSE has not made any illegal profits in the co-location. Therefore, the penalty of Rs 625 crore and 12% interest imposed by SEBI is completely wrong. In such a situation, NSE will have to pay only Rs 100 crore.
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The SAT said that not installing the load balancer was a mistake on the part of NSE. Therefore, a penalty of Rs 100 crore is being imposed on NSE. In this context, Sebi will have to deduct Rs 100 crore from the total penalty imposed and return the remaining amount within 6 weeks.
Chitra Ramakrishnan and Ravi Narayan also got relief
The SAT has also given a big verdict on Ravi Narayan and Chitra Ramakrishnan in the case. Under this, the ban imposed by SEBI has been rejected. Sebi has not appointed Ravi Narayan and Chitra Ramakrishnan as members of a listed company, depository or trading firm for five years. The SAT also rejected the decision to cut the salaries of both of them by 25%, saying that it is wrong. Such a cut in someone's salary is not right. Because the salary is received on hard work.