NSE Algo Scam Case: CBI registers case against Sanjay Gupta, promoter of OPG Securities and others
Moneylife Digital Team 31 May 2018
CBI (Central Bureau of Investigation) registered a case against Sanjay Gupta, owner and promoter of OPG Securities Pvt Limited, Aman Kakrady (brother-in-law of Sanjay), Ajay Shah (who is alleged to have facilitated Gupta by developing and providing Algo software Chankaya) and against some officials of SEBI (Securities and Exchange Board of India) and National Stock Exchange whose names are unknown, according to a report in Moneycontrol.com
CBI has registered cases under criminal conspiracy, Prevention of Corruption Act and section 66 of IT Act.
According to Moneycontrol.com, OPG Securities is in the centre of the ‘co-location controversy’ on the NSE, in which some brokers who had availed of the server co-location facility, got preferential access to the exchange’s trading system. These brokers had somehow managed to connect to the exchange’s back-up server, and hence could access the price feed faster, giving them an advantage over other brokers.
It may be recalled that Moneylife was the first to expose this scam in mid-2015, for which NSE had filed a defamation case against us.  A single-judge had penalised NSE for Rs50 lakhs for having filed a case against us. After filing an appeal against the order, NSE paid up the penalty. Meanwhile, in the wake of the scam, the top brass of NSE had to resign and a new management team took charge.
Mukesh Mehta
6 years ago
Bunch of rogues incl management of Nse manipulating the system , they think they are above the law, worst is the role of Public Interest Directors at NSE , incl Mr Pai and Mr Kanabar, they do nothing , say nothing , are they fit to continue, SEbi should sack them for dereliction of duty
Abhi Shah
6 years ago
OPG Securities, and which other brokers availed access of the back up server? Only OPG's mentioned in the article. Who are the other brokers?
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