SAT refuses further relief to OPG Securities in NSE co-location case

The Securities Appellate Tribunal (SAT) has refused to grant further relaxations to OPG Securities, which has been charged by the market regulator in the National Stock Exchange (NSE) colocation case. 

Earlier this month, the tribunal had allowed an interim stay on an order passed by market regulator, the Securities and Exchange Board of India (Sebi), barring the brokerage from accessing the markets. SAT, however, had directed OPG to deposit Rs 7.5 crore with Sebi before May 20. 

OPG had made a fresh plea before SAT to allow it to deposit Rs 99 lakh in cash and the rest in the form securities. The tribunal refused to accept the plea, however, and made partial modifications to its May 6 order.