The Securities and Exchange Board of India (Sebi) on Friday dropped charges against the National Stock Exchange (NSE) and its seven former executives, including Chitra Ramkrishna, Ravi Narain and Anand Subramanian, in the colocation case, citing an absence of evidence to support the allegations.
The market regulator said while there were certain lapses at the NSE's colocation (colo) facility, there was no evidence to establish any "collusion" or "connivance" with stock broker OPG Securities, who had gained "unfair" access to the exchange's secondary server.
"It is held that due to the absence of sufficient material/evidence/ objective facts on record in this case, the test of 'preponderance of probability' fails to produce enough justification for the establishment of collusion/connivance between OPG and its directors with Noticees," Kamlesh Varshney, whole-time member, Sebi said in an 83-page order.
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