Besides, the bourse's two former chief executive officers -- Ravi Narain and Chitra Ramkrishna -- have been asked to disgorge 25 per cent of respective salaries drawn during a certain period.
Cracking the whip in the high profile co-location case, markets regulator Sebi Tuesday restrained National Stock Exchange from introducing any new derivative product in the next six months.
In a separate 202-page order, the watchdog also directed the bourse to prepare a comprehensive documented policy regarding colo facility, including eligibility criteria for telecom service providers and norms to be observed by stock brokers and other registered intermediaries.
“The said documented policy is directed to be issued to the market intermediaries under intimation to Sebi, within three months from the date of this order,” it noted.
Further, Sebi has directed NSE “not to introduce any new derivative product for next six months from the date of this order”.
The exchange has to submit to Sebi a report duly certified by its MD and CEO, along with comments of its governing board, certifying that the network architecture and connectivity at its colo facility are in conformity with regulatory norms to provide non-discriminatory treatment to all the market intermediaries.
“Such report shall be submitted within 30 days after every six months (ending on June 30th and December 31st ) for the next three years. First such report shall be filed for the six months ending on June 30, 2019, by July 31, 2019….” the order said.