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SAT Provides Interim Relief To Three Officials Barred By SEBI

The Securities Appellate Tribunal (SAT) on Monday provided interim relief to three senior officials of the National Stock Exchange, staying the ban imposed on them by Sebi.

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Separately, the three brokerage firms which gained unfair access to NSE systems were also granted interim relief. However, the three brokerage firms -- OPG Securities, GKN Securities and Way2Wealth -- have to deposit 50℅ of the disgorgement amount as security by 20 May.

The officials, Ravi Varanasi, head of business development, Nagendra Kumar, head of membership department, and Deviprasad Singh, head of colocation support, were found guilty by Sebi in the so-called ‘dark-fibre issue’. They had allowed an unauthorised vendor to lay the fibre in the exchange premises.

These officials were facing a ban of two years from holding positions or associating with securities market entities for two years. In their plea, they had said that the order affected their livelihood. 



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