Mumbai: The Securities Appellate Tribunal (SAT) has directed the National Stick Exchanges (NSE) to transfer Rs 625 crore to the Securities and Exchange Board of India (Sebi) in two weeks in the co-location case.
Last month, SEBI had said that the disgorged amount has to be deposited in the Investor Protection and Education Fund within 45 days, along with interest at 12 pc per annum since April 2014, for lapses at its co-location facility, which allowed unfair access to certain brokers. The amount adds up to around Rs 10,000 crore.
The tribunal has also asked the bourse to keep depositing the revenues from co-location facility in escrow account. So far, NSE has deposited Rs 2,300 crore in escrow account as per Sebi directions. During the hearing, NSE had told the tribunal that it will not pursue its initial public offering for six months.