Supreme Court disposes of SEBI appeals against NSE in co-location, dark fibre cases
The Supreme Court of India has disposed of SEBI's appeals against the National Stock Exchange regarding co-location and dark fibre cases. This follows a settlement agreement where the NSE agreed to pay approximately ₹1,500 crore to the market regulator.
Why it matters
This settlement resolves a long-standing legal dispute concerning market integrity and unfair trading practices at India's largest stock exchange.
The Supreme Court on Thursday (September 3, 2026) disposed of a batch of appeals filed by the Securities and Exchange Board of India (SEBI) against the National Stock Exchange (NSE) in the co-location and dark fibre cases, following a settlement of nearly ₹1,500 crore between the market regulator and the exchange.
A Bench of Justices J.B. Pardiwala and K. Vinod Chandran was hearing SEBI’s appeals against orders of the Securities Appellate Tribunal (SAT) setting aside disgorgement directions issued by the regulator against the NSE in the two cases. The Bench disposed of the appeals after taking note of the settlement between the parties.
In July, SEBI had accepted two settlement applications filed by the NSE for an aggregate amount of about ₹1,492 crore. Of this, about ₹1,224 crore pertained to the co-location case, while ₹268 crore related to the dark fibre case, also known as the leased-line connectivity case.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in