SEBI imposes ₹5.2 crore fine on OPG
On April 2, 2025, the Securities and Exchange Board of India (SEBI) penalized OPG Securities and its directors—Sanjay Gupta, Sangeeta Gupta, and Om Prakash Gupta—totaling ₹5.2 crore for unfair trade practices in relation to the National Stock Exchange (NSE) co-location case.
The penalties are as follows:
- A composite penalty of ₹5 crore on OPG Securities and its directors for unfair trade practices.
- Another ₹10 lakh on OPG Securities for violating SEBI’s code of conduct.
- ₹10 lakh on Sanjay Gupta for obstructing the process of investigation.
SEBI’s adjudicating officer Asha Shetty pointed out that OPG Securities had gained a wrongful advantage due to repeated use of NSE’s secondary server, which was a serious infraction. The directors were also held vicariously liable on behalf of the company for actions during the time of violation.
This move comes after a July 2023 order of the Securities Appellate Tribunal (SAT), which confirmed SEBI’s findings of unfair trade by OPG Securities and directed the regulator to revisit the quantum of the penalty. Even with appeals pending in the Supreme Court, SEBI went ahead with the penalties, underlining the seriousness of the offenses.
The NSE co-location case entails charges that some brokers, such as OPG Securities, were given preferential access to NSE’s trading systems so that they could derive unfair benefits at the expense of other market players. SEBI’s recent order is meant to uphold the value of fair play and integrity in the securities market.
