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SEBI has imposed a penalty of Rs 44 crore on 18 entities and individuals, including the Stock Exchange of India, its Business Development Officer Ravi Varanasi, former NSE MD and CEO Chitra Ramakrishna and his advisor Subramaniam Anand. This action has been taken by SEBI in the famous dark fiber case.
Apart from NSE and its officials, those who have been fined by SEBI include stockbroker Way to Wealth Broker, GKN Securities, Sampark Infotainment and several of their employees.
Stock market regulator SEBI has imposed a fine of Rs 7 crore on NSE, Rs 5 crore each on Chitra Ramakrishna, Varanasi and Subramaniam Anand. The remaining amount has been fined on the stock broker companies.
Nagendra Kumar SRVS and Devi Prasad Singh have been fined one crore each. Sebi has imposed a fine of Rs 6 crore on Way to Wealth broker, Rs 5 crore on GKN Securities and Rs 3 crore on Sampark Infotainment.
Issuing an order in this regard on Tuesday, June 28 on behalf of SEBI, everyone has been asked to deposit the fine within 45 days. Let us tell you that in the Dork Fiber case, some officials of NSE have been accused of malpractices by meeting the stock brokers, SEBI has taken action to impose penalty after investigation.