Bombay HC admits petition on Sebi-FMC merger
Sebi to file reply by 29th September
 "Bombay HC admits petition on Sebi-FMC merger")
The logo of the Securities and Exchange Board of India (SEBI), India's market regulator, is seen on the facade of its head office building in Mumbai
The Forward Markets Commission (FMC) staffers' writ petition on the impeding merger with Securities and Exchange Board of India (Sebi) got admitted by the Bombay High Court on Wednesday.
The court would next hear the plea on September 29, same day the merger between the two regulators is proposed to be formalised.
Sebi has been directed to file a reply to the petition stating reasons for selection.
The employees in petition stated that they had been left out of the merged entity and alleged that they have been treated unfairly. Of the 41 FMC employees, 22 have been selected for Sebi out of which seven are on deputation.
The court refused stay on the appointment of the selected candidates.
Sources said that the ministry has not issued fresh appointment letters to the selected candidates and is waiting for the court ruling.
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First Published: Sep 23 2015 | 7:00 PM IST