Business Standard

Sebi may stick to its guns in MCX-SX case

Related News

The Securities and Exchange Board of India (Sebi) is likely to stick to its stand in its legal tussle with Stock Exchange Ltd (MCX-SX).

According to sources, the regulator has stuck to its September order in an advance reply to be filed with the court this week. also may not agree to the demand to reopen the case to give a hearing to the promoters of the exchange, Financial Technologies (FTIL) and Multi Commodity exchange Ltd (MCX).

“The reply will be filed today or tomorrow, if it has not already been filed. It will be reiteration of the interim order,” a person directly involved in the proceedings told Business Standard.

Lawyers representing the MCX group said they are yet to receive a copy of the reply. An MCX spokesperson said the matter was sub judice and hence he would not like to comment.

The case is scheduled to come up for hearing in the on June 27.

MCX-SX, an exchange operating in the currency derivatives segment, has challenged a September 2010 Sebi order that rejected its application to deal in other segments, including equities.

Sebi had found the exchange short of compliance in its shareholding norms. It also took objection to two key shareholders, and MCX, holding warrants and their buyback arrangements with some banks. FTIL and MCX were found to be acting in concert, again a violation of Sebi rules.

In a hearing in April, the counsel representing FTIL and MCX argued the findings were all related to the promoters, who were never given an opportunity of hearing by Sebi before the exchange’s application was rejected.

Read more on:   
|
|
|
|

Read More

TCS overtakes RIL to become India's most valued company

TCS today surpassed Reliance Industries to become the country's most valued company as the IT major's market capitalisation soared to over Rs 2.83 ...

Quick Links

 

Market News

Lead gain 0.2% on global cues

Rising domestic spot demand from battery-makers also supported the upside

Ceat gains on plans to hike FII holding limit

The company plans to hike FII holding to 45% from 24%

Refined soya oil up 0.8% on spot demand

Oil for delivery in December edged higher by 0.49%

Mentha oil up 0.3% on rising demand

Oil for delivery in October gained 0.31%

Cardamom up 2% on rising demand

Spice for delivery in December gained 0.59%

Back to Top