New Document top_band
 
Business Standard

Sebi may stick to its guns in MCX-SX case

Read more on:    Sebi | Ftil | Mcx | Mcx-sx Case | Bombay High Court
Related News

The Securities and Exchange Board of India () 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. Sebi also may not agree to the demand to reopen the case to give a hearing to the promoters of the exchange, Financial Technologies () 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, FTIL 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

Polaris Financial dips on disappointing numbers

Stock slipped a little over 5% to Rs 219 on BSE

Markets trim gains; Nifty below 7,800

Markets trimmed gains as investors booked profits at higher levels

KPIT Technologies dips on weak Q1 results

KPIT Technologies plunged 7% to Rs 162 on the BSE after consolidated net profit dropped 17% to Rs 51 crore

Financial Technologies surges 25% in three days post stake sale in MCX

At 1250 hours, a combined 5 million shares changed hands and there are pending buy orders for 140,000 shares on BSE and NSE.

Mentha oil futures fall 0.87% on profit-booking

Oil for delivery in August lost 0.7%

Back to Top