SAT asks Sebi to take decision in Galaxy case within six weeks

The Securities Appellate Tribunal (SAT) has directed the Sebi to take 'appropriate' decision within six weeks in the Galaxy Stocks & Securities case pertaining to NSE amending the format of contract note.
The appeals were filed by Galaxy Stocks & Securities to challenge the NSE's move of amending the format of contract note as well as a communication by the Sebi.
The National Stock Exchange (NSE), in June, had amended the format of contract note on the basis of laws of National Securities Clearing Corporation Ltd (NSCCL) even before these regulations were approved by the Sebi.
Consequently, Galaxy Stocks & Securities made a representation to Sebi on October 8, 2013 questioning the propriety of NSE's move of amending the format of contract note.

Besides, it had also sought a direction to the exchange and its officials 'not to place reliance upon laws of NSCCL, which are yet to be finally approved by the market regulator'.
On the following day, the market regulator had informed Galaxy Stocks & Securities that its representation cannot be considered on ground that 'SCORES' is not the appropriate platform and same should be looked into by the relevant department of Sebi.
"We direct Sebi to take appropriate decision on the representation of the appellant (Galaxy Stocks & Securities) dated October 8, 2013 and communicate its decision to the appellant within a period of six weeks from today," SAT said in its yesterday's order.