SEBI v. OPG Securities Private Limited and others (NSE co-location, remand order, 2024)
Judgment entered
Checked against the primary document on October 9, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, in a single reading of the order; an independent second reading of 60 SEBI records agreed on every field for 56, the four misses being penalty amounts; a later sample of 50 of the SEBI records added on 9 October agreed on every field for 46. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.
In September 2024 a SEBI whole-time member re-decided, on remand from the Securities Appellate Tribunal, the consequences for the broker OPG Securities and its directors of using a faster secondary server connection at the NSE co-location facility. He recalculated unlawful gains at Rs 85.25 crore to be disgorged and added a six-month restraint on one director.
The record
| Agency | SEBI (India) |
|---|---|
| Date filed | 2024-09-13 |
| Date resolved | 2024-09-13 |
| Court | SEBI whole-time member |
| Status | judgment |
| Asset class | equities, derivatives |
| Instruments | NSE-listed securities |
| Venue | NSE |
| Criminal parallel | No |
| Bars imposed | Sanjay Gupta: further 6-month restraint from the securities market, starting after an earlier 5-year debarment ends; holdings frozen |
| Defendants | OPG Securities Private Limited ; Sanjay Gupta ; Sangeeta Gupta ; Om Prakash Gupta |
| Also named elsewhere | OPG Securities Private Limited |
| Techniques |
What was ordered
- Civil penalty
- —
- Disgorgement
- —
- Prejudgment interest
- —
- Total relief
- —
- Alleged gain
- —
What is alleged to have happened
The order, dated 13 September 2024, was made by a SEBI whole-time member after the Securities Appellate Tribunal in January 2023 affirmed SEBI's earlier finding against OPG Securities Private Limited and its directors Sanjay Gupta, Sangeeta Gupta and Om Prakash Gupta, but sent back four issues. The underlying 2019 SEBI order concerned the NSE co-location facility, where OPG, a trading member, was said to have connected to a secondary server that gave it earlier access to market data than other members.
The Tribunal had set aside the earlier disgorgement of Rs 15.57 crore and told SEBI to recompute it. It also told SEBI to consider whether OPG and its directors colluded with NSE staff, whether to penalise concealment or destruction of information, and whether OPG crowded out other participants. Much of this very long order deals with preliminary objections, including jurisdiction, natural justice and the qualifications of the author of the Indian School of Business reports SEBI relied on for the profit calculation.
On the remanded issues the order finds the collusion charge and the crowding-out charge not established, and holds that Sanjay Gupta is to be directed over concealment or destruction of vital information. The violations found in the 2019 order were left in place by the Tribunal.
The operative directions require the noticees, jointly and severally, to disgorge Rs 8,525.46 lakh (about Rs 85.25 crore) with interest at 12 per cent a year from 22 May 2015. Rs 7.5 crore already deposited with SEBI under a Tribunal order is credited, leaving Rs 7,775.46 lakh payable. Sanjay Gupta is restrained from the securities market for a further six months, to run after his earlier five-year debarment, and his holdings stay frozen. No separate monetary penalty is stated.
The record does not show whether this order was appealed again, whether any money was paid, or how the Supreme Court proceedings referred to in the order ended.
This library has no technique that fits unequal access to exchange data, so the matter is tagged with none. The tagging is ours, not the regulator's.
For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the order.
Timeline
- 2024-09-13 SEBI order
Primary documents
Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.