In one order, Sebi directed the bourse to disgorge Rs 625 crore, along with an interest of 12 per cent per annum from April 1, 2014, till the actual date of payment. The regulator has also barred the exchange from raising funds from the market for a period of six months from the date of the order.
In a separate order, Sebi asked the exchange to deposit Rs 63 crore along with 12 per cent interest from September 11, 2015. In a third order, Sebi gave remedial directions to the NSE to improve governance. Experts said SAT might take up the plea next week.
The tribunal has already granted interim relief to NSE’s employees and brokers in the matter. SAT has imposed a stay on the Sebi order and asked the regulator to submit its reply within three weeks.
The exchange said no provision was required to be made pertaining to the orders issued by Sebi. This is because following Sebi’s directives, the NSE has already set aside revenues generated by its co-lo facility since September 2016.
“Sebi had directed that pending completion of the investigations, all revenues emanating from the co-location facility with effect from September 2016 be transferred to a separate bank account. Accordingly, as on March 31, 2019, an amount of Rs 2,259 crore was transferred to a separate bank account and has been invested,” the exchange said.
Meanwhile, the exchange reported net profit of Rs 1,708 crore for FY19, a 17 per cent rise from the Rs 1,461 crore posted in the last financial year. Total income grew 16 per cent to Rs 3,515 crore in FY19.
COLO case: a timeline
Sebi passes multiple orders against NSE in colo case
Asks exchange to disgorge over Rs 700 crore, along with interest
Bars exchange from fund raising for six months
NSE defers scheduled board meeting following regulator’s order
NSE board decides to challenge Sebi order based on legal advice
Says has strong grounds to contest the monetary liability
Will soon move SAT