Actions Against OPG
In action taken by SEBI against this scam, the board ordered OPG securities in 2019 to pay back the unfair means of profit they earned during the period. As per the sources, the profits amounted to 25 crores, and SEBI even levied an additional 12% on the profits made from 7th April 2014.
After this scam came into the light, SEBI, in the year 2016, asked the NSE to conduct all the legal investigations in forensic audit to carry out the report of the system related to all the transactions and deposits that took place in the NSE’s system from its co-location facility area. Deloitte was given the task of completing all the audits related to forensics in the exchange.
There will be hidden players for any scam, and the NSE co-location scam isn’t an exception. In this case, Ravi Narain and Chitra Ramakrishna were the prominent faces behind the fraud. On revelation, Narain and Ramakrishna had to pour 25% of their earned salary during the specified period.
NSE Co-location Scam: Everything You Need To Know!
Stock Market scams aren’t new. India has witnessed several scams that have caused enormous losses for several investors all over the country. Each of the scams has its own story and uniqueness. The co-location scam is one such unique case in the history of the Indian Stock market that you would love to read till the very end. So let’s dive into the details of the scam before any delay.