SEBI imposes a penalty on NSE, ex-MDs in co-location case In a major setback for the National Stock Exchange (NSE), the Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 1 crore. | 11 Feb 2021 9:07 AM GMT MUMBAI: In a major setback for the National Stock Exchange (NSE), the Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 1 crore on the bourse in the co-location case for failing to ensure a level playing field for trading members subscribing to its TBT (Tick-by-Tick) data feed system. The capital market regulator has also penalized former MDs and CEOs of NSE, Ravi Narain, and Chitra Ramakrishna, with a fine of Rs 25 lakh each.