Dark Fibre

The Securities Appellate Tribunal (SAT) has set aside a markets regulator Sebi's order directing the National Stock Exchange (NSE) to disgorge Rs 62.6 crore, along with interest, in the dark-fibre case. However, all other orders passed against NSE, comprising a periodic review of its co-location facility, putting in place comprehensive guidelines, Standard Operating Procedures and protocols with respect to its co-location facility were found appropriate and were upheld, according to an SAT order. In addition, the appellate tribunal has quashed Sebi's direction barring NSE's former MD and CEO Chitra Ramkrishna from holding any managerial positions in a market intermediary for three years and three other former officials --Ravi Varanasi, Nagendra Kumar and Devi Prasad Singh -- for a period of two years. The case relates to the alleged differential access given to certain broking firms in the form of 'dark fibre' at NSE, to connect across the co-location facilities before other ...

NSE has been slapped with a penalty of Rs 7 cr, its former MD and CEO Chitra Ramkrishna, former Group COO Subramanian and current Chief BDO Ravi Varanasi Rs 5 cr each

While speculation in the market is natural and even critical, speculation about market architecture is not a healthy sign

A breakdown of the issues involving the use of 'dark fibre' and how a trading firm has allegedly benefited from it