SEBI v. OPG Securities Private Limited and others (NSE co-location penalty, remand order, 2025)

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.

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In April 2025 a SEBI adjudicating officer re-set the monetary penalties on the broker OPG Securities and its directors for repeatedly using a secondary server in the NSE co-location facility, after the Securities Appellate Tribunal sent back the amount. The officer again imposed Rs 5 crore jointly under section 15HA, plus Rs 10 lakh each on the firm and one director under section 15HB.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

—

Alleged gain

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Penalty as published

52m INR

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars. This regulator states penalties in INR. The figure is recorded as published and is not converted, so it does not appear in the USD totals or medians used elsewhere on this site.

What is alleged to have happened

This adjudication order of 2 April 2025 concerns OPG Securities Private Limited, a trading member, and its directors Sanjay Gupta, Sangeeta Gupta and Om Prakash Gupta. It is the penalty strand of the NSE co-location matter: in February 2021 an adjudicating officer fined them Rs 5 crore jointly under section 15HA, with Rs 10 lakh each on the firm and Sanjay Gupta under section 15HB, and the Securities Appellate Tribunal in July 2023 affirmed the violations but sent the penalty back for a fresh decision.

The Tribunal's reasoning was that the earlier penalty had been set partly by reference to a disgorgement figure of Rs 15.57 crore that the Tribunal had itself set aside. The officer was therefore asked only to fix the penalty afresh, not to retry whether the violations occurred. The noticees asked to hold the proceedings in abeyance pending appeals to the Supreme Court and the Tribunal, and to challenge the profit methodology; the officer refused, saying such points belonged to the separate disgorgement proceeding.

The order treats the established conduct as an unfair practice in which the firm gained an advantage by connecting repeatedly to the secondary server, recurrent over a long period. It adds that the firm fell short of expected standards of integrity and diligence, that the directors were responsible for its daily affairs, and that Sanjay Gupta failed to ensure cooperation with SEBI. It accepts that investor loss was not quantified and says exact quantification is not required.

The penalties are unchanged in amount: Rs 5 crore jointly on all four under section 15HA, and Rs 10 lakh each on the firm and on Sanjay Gupta under section 15HB, Rs 5.2 crore in all, payable in 45 days.

The record does not show whether this order was appealed or paid, or the effect of the pending Supreme Court proceedings.

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

1. 2025-04-02 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.

• SEBI order page
• Order (PDF)

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Record added October 8, 2026. submit a correction.