NSE Slapped with ₹40.35 Crore Penalty—SEBI Closes Data-Leak Scandal (2025 Update)

Another day, another financial giant writing checks to make problems disappear.

The National Stock Exchange (NSE) just coughed up ₹40.35 crore to settle its messy data-leak case with SEBI—proving once again that in traditional finance, accountability comes with a price tag.

Meanwhile in crypto-land, this wouldn't fly: blockchain transactions are immutable, transparent, and auditable by design. No backroom settlements required.

Funny how the 'regulated' markets keep needing regulation.

Governance issues

SEBI also flagged other governance issues, such as a committee’s power to waive penalties without proper approvals, and lapses in overseeing client code modifications between unrelated institutional investors.

NSE filed a suo motu settlement application and proposed the ₹40.35-crore payment along with non-monetary terms such as a system audit and a compliance report. An internal review by the exchange attributed the lapses to broader organisational decisions and clarified that no individual was personally accountable.

While the settlement resolves this specific case, SEBI has retained the right to reopen it if any misrepresentation or future violations are found. NSE continues to face scrutiny in other ongoing and bigger matters, including cases related to co-location and dark fibre access. The stock exchange has filed separate settlement applications in those cases on June 20, and is awaiting the regulator’s decision.

Published on August 1, 2025