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SOURCE OF INFORMATION

SOURCE OF INFORMATION : SECURITIES AND EXCHANGE BOARD OF INDIA WEBSITE – PRESS RELEASES/ CHAIRMAN’S AND MEMBER’S ORDERS / AO ORDERS/ SAT ORDERS/ NEWSPAPER ADS
UPDATED TILL : 28-AUG-2025

NAMES IN BROWN COLOUR
Names of entities/persons in brown colour denote that the regulatory order is not against them but their names have been mentioned only for association purposes.

STOCK EXCHANGES: VIOLATED SEBI (STOCK EXCHANGES & CLEARING CORPORATIONS) REGULATIONS, 2012

S.No. ENTITY PERSONS REGULATORY CHARGES REGULATORY ACTION(S) / DATE OF ORDER FURTHER DEVELOPMENTS
1
History of entity/person BSE LTD.

(PAN:AACCB6672L)  
  ENGAGED IN UNRELATED/NON-INCIDENTAL ACTIVITIES WITHOUT OBTAINING APPROVAL FROM SEBI VIOLATING REGULATIONS 38(2) OF SEBI (SECC) REGULATIONS 2018 READ WITH 41(3) OF SEBI (SECC) REGULATIONS, 2012   IMPOSED PENALTY RS.3,00,000

29-JUL-2022 		SAT: SAT VIDE ITS ORDER DATED 16/09/2022 DIRECTED RESPONDENT TO FILE REPLY WITHIN THREE WEEKS AND REJOINDER TO BE FILED WITHIN THREE WEEKS THEREAFTER. EFFECT AND OPERATION OF IMPUGNED ORDER TO REMAIN STAYED

SAT: SAT VIDE ITS ORDER DATED 21/11/2022 CONDONED THE DELAY IN FILING OF APPEAL AND ALLOWED APPELLANT THREE WEEKS TO FILE REJOINDER

SAT: SAT VIDE ITS ORDER DATED 30/01/2023 CONDONED THE DELAY IN FILING OF APPEAL

SAT: SAT VIDE ITS ORDER DATED 06/12/2023 CONDONED THE DELAY IN FILING OF REPLY AND REPLY TAKEN ON RECORD

SAT: SAT VIDE ITS ORDER DATED 26/03/2025 GRANTED RESPONDENT ONE WEEK TO FILE WRITTEN SUBMISSIONS, IF ANY

SAT: SAT VIDE ITS ORDER DATED 02/05/2025 ALLOWED THE APPEAL AND SET ASIDE IMPUGNED ORDER DATED 29/07/2022. NO COSTS  
2
History of entity/person MULTI COMMODITY EXCHANGE OF INDIA LTD.

(CIN:L51909MH2002PLC135594
PAN:AADCM8239K)  
  DID NOT DETECT IRREGULARITIES DURING ON-SITE/OFF-SITE SUPERVISION OF TRADING MEMBERS

DID NOT HAVE NECESSARY SYSTEM BASED VALIDATIONS/ALERTS WHILE UPLOADING CLIENT INFORMATION IN UCC DATABASE   		IMPOSED PENALTY RS.6,00,000

28-FEB-2023 		SAT: SAT VIDE ITS ORDER DATED 06/12/2023 CONDONED THE DELAY IN FILING OF REPLY AND REPLY TAKEN ON RECORD  
3
History of entity/person MULTI COMMODITY EXCHANGE OF INDIA LTD.

(CIN:L51909MH2002PLC135594
PAN:AADCM8239K)  
  DID NOT TAKE PRIOR APPROVAL FOR PAYMENTS MADE TO PSEB FOR DEVELOPMENT OF SOFTWARE FOR SPOT TRADING VIOLATING REGULATION 38(2) OF SEBI (SECC) REGULATIONS, 2018 READ WITH REGULATION 41(3) OF SEBI (SECC) REGULATIONS, 2012   IMPOSED PENALTY RS.2,00,000

04-JAN-2023 		SAT: SAT VIDE ITS ORDER DATED 05/12/2024 DISMISSED THE APPEAL. NO COSTS  
4
History of entity/person NATIONAL STOCK EXCHANGE OF INDIA LTD.,THE

(PAN:AAACN1797L)  
Click here to view complete history of this specific entity/person CHITRA RAMKRISHNA

PAN:ABVPR7353M
Click here to view complete history of this specific entity/person RAVI NARAIN

PAN:AAYPN8382Q
  		FAILED TO ENSURE FAIR, TRANSPARENT AND EQUITABLE ACCESS TO ALL TRADING MEMBERS IN RESPECT OF THE CO-LOCATION FACILITY, VIOLATING REGULATION 41(2) OF SEBI (STOCK EXCHANGES & CLEARING CORPORATIONS) REGULATIONS, 2012

VIOLATED CLAUSE 4(I) OF SEBI CIRCULAR DATED 30/03/2012   		IMPOSED PENALTY RS.1,00,00,000

10-FEB-2021 		SAT: SAT VIDE ITS ORDER DATED 12/07/2023 ALLOWED THE APPEAL AND SET ASIDE IMPUGNED ORDER DATED 10/02/2021  
5
History of entity/person NATIONAL STOCK EXCHANGE OF INDIA LTD.,THE

(PAN:AAACN1797L)  
  FAILED TO ENSURE FAIR, TRANSPARENT AND EQUITABLE ACCESS TO ALL TRADING MEMBERS IN RESPECT OF THE CO-LOCATION FACILITY, VIOLATING REGULATION 41(2) OF SEBI (STOCK EXCHANGES & CLEARING CORPORATIONS) REGULATIONS, 2012   DIRECTED NSE TO DISGORGE RS.624.89 CRORES ALONG WITH INTEREST @12% PER ANNUM FROM 01/04/2014 ONWARDS TO IPEF WITHIN 45 DAYS FROM THE DATE OF THIS ORDER

PROHIBITED NSE FROM ACCESSING SECURITIES MARKET DIRECTLY OR INDIRECTLY FROM 30-APR-2019 TO 29-OCT-2019

DIRECTED NSE TO CARRY OUT SYSTEM AUDIT AT FREQUENT INTERVALS, AFTER THOROUGH APPRAISAL OF TECHNOLOGICAL CHANGES INTRODUCED FROM TIME TO TIME

DIRECTED NSE TO RECONSTITUTE ITS STANDING COMMITTEE ON TECHNOLOGY AT REGULAR INTERVALS TO TAKE STOCK OF TECHNOLOGICAL ISSUES AND FRAME CLEAR POLICY ON ADMINISTERING WHISTLE BLOWER COMPLAINTS

DIRECTED NSE TO INITIATE ENQUIRY UNDER ITS EMPLOYEES REGULATIONS AGAINST MR.MAHESH SOPARKAR AND MR.DEVIPRASAD SINGH AND SUBMIT REPORT TO SEBI WITHIN SIX MONTH FROM DATE OF THIS ORDER

30-APR-2019 		SAT: SAT VIDE ITS ORDER DATED 06/06/2019 REJECTED MISC. APPLICATION AND ALLOWED A WEEKS’S FURTHER TIME TO COMPLY WITH THE ORDER DATED 22/05/2019

SAT: SAT VIDE ITS ORDER DATED 17/05/2021 DISPOSED OFF THE APPEAL BY DIRECTING APPELLANT TO TRANSFER RS.420 CRORES TO SEBI AND DIRECTED REGISTRY TO ISSUE NOTICE TO ALL THE PARITIES WITHIN A WEEK FROM DATE OF THIS ORDER

SAT: SAT VIDE ITS ORDER DATED 23/01/2023 PARTLY ALLOWED THE APPEAL AND SET ASIDE DIRECTIONS TO DISGORGE RS.15.57 CRORE ALONG WITH INTEREST @12% P.A. FROM 07/04/2014 ONWARDS AND MATTER REMITTED TO WTM TO DECIDE THE QUANTUM OF DISGORGEMENT AFRESH WITHIN FOUR MONTHS FROM DATE OF THIS ORDER. IN ADDITION DIRECTED WTM TO CONSIDER THE CHARGE OF CONNIVANCE AND COLLUSION OF OPG SECURITIES LTD. AND ITS DIRECTORS WITH ANY EMPLOYEE/OFFICIALS OF NSE.

SAT: SAT VIDE ITS ORDER DATED 09/06/2023 ALLOWED THE APPLICATION AND DIRECTED WTM TO DECIDE THE MATTER AS PER SAT ORDER DATED 23/01/2023 WITHIN SIX MONTHS FROM DATE OF THIS ORDER

SAT: SAT VIDE ITS ORDER DATED 01/12/2023 DIRECTED RESPONDENT FURTHER FOUR MONTHS TO COMPLETE PROCEEDINGS

SAT: SAT VIDE ITS ORDER DATED 08/03/2024 DIRECTED SEBI TO GIVE FINAL OPPORTUNITY OF INSPECTION OF DOCUMENTS AND CROSS-EXAMINATION OF WITNESSES TO APPELLANTS. DIRECTED APPELLANTS TO APPEAR BEFORE WTM ON 15/03/2024 ON WHICH DATE THE APPELLANTS WILL BE PROVIDED FINAL OPPORTUNITY OF CROSS-EXAMINATION AND INSPECTION

SAT: SAT VIDE ITS ORDER DATED 15/03/2024 ACCEPTED PRAYER OF THE APPLICANT AND SCHEDULE LAID DOWN IS MODIFIED AS A) CROSS-EXAMINATION OF ORIGINAL APPELLANTS/OPG SECURITIES PVT.LTD. MAY TAKE PLACE FOR THREE HOURS EACH DAY UPTO SEVEN DAYS ON ANY DAYS BETWEEN 09/04/2024 TO 22/04/2024 B) FINAL HEARING BEFORE WTM MAY TAKE PLACE BETWEEN 01/05/2024 TO 10/05/2024 C) SEBI GIVEN TIME UPTO 30/06/2024 TO COMPLETE PROCEEDINGS INITIATED PURSUANT TO THE DIRECTION OF THIS TRIBUNAL IN PARA 266(G) TO (I) OF ORDER DATED 23/01/2023 IN APPEAL NO.184 OF 2019

SAT: SAT VIDE ITS ORDER DATED 24/06/2024 DISMISSED THE APPEAL. DIRECTED SEBI TO GRANT TWO DAYS TO APPELLANT TO COMPLETE THE SUBMISSIONS WITHIN OUTER LIMIT OF TWO WEEKS FROM DATE OF THIS ORDER. GRANTED APPELLANTS TWO WEEKS AFTER CONCLUSION OF HEARING TO FILE THEIR WRITTEN SUBMISSION AND SEBI TO PASS FINAL ORDER WITHIN EIGHT WEEKS THEREFROM

SEBI VIDE ITS ORDER DATED 13/09/2024 DISPOSE OF THE PROCEEDINGS WITHOUT ANY DIRECTION COMPLIANCE WITH SAT ORDERS DATED 23/01/2023, 09/06/2023, 01/12/2023, 08/03/2024, 15/03/2024, 15/05/2024 AND 24/06/2024  
The regulatory charges/regulatory actions may be fully or partly applicable to the entities/persons mentioned in the second column.

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