SEBI Allows OPG Securities, Way2Wealth and GKN Securities to Close Positions in F&O & Currency Derivatives in Two Months
Moneylife Digital Team 03 May 2019
Market regulator SEBI has relaxed its order issued against OPG Securities Pvt Ltd and its three directors in the National Stock Exchange (NSE) algo scam case to allow the broker close its open positions in the futures and options (F&O) and currency derivatives segment. In a similar order, SEBI also allowed Way2Wealth Brokers Pvt Ltd and GKN Securities to close their open positions in F&O and currency derivatives segment in two months.
 
In an order issued on Friday, G Mahalingam, whole time member of SEBI, stated, "...directions issued vide the final order shall stand relaxed for the limited purpose of allowing the noticees to close the open positions in the futures and options and currency derivatives segments of OPG Securities Pvt Ltd on or before the expiry date of the respective contracts or within a period of two months from 30 April 2019, whichever is earlier."
 
In a separate but similarly worded order, Way2Wealth Brokers and GKN Securities were also allowed to close their open positions in F&O and currency derivatives within two months.
 
Earlier this week, SEBI has barred OPG Securities and its directors Sanjay Gupta, Sangeeta Gupta and Om Prakash Gupta from the markets for five years for securing unfair access to NSE’s trading systems. They were also asked to pay Rs15.57 crore along with an interest of 12% from April 2014 onwards. 
 
Both Way2Wealth Brokers Pvt Ltd and GKN Securities were barred by SEBI for one year from accepting any new client.
 
However, the brokerages approached SEBI pointing out their open position in the F&O and currency derivatives segments at the end of trading on 30 April 2019, which it needed to be closed.
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