SAT rejects NSE plea for bank guarantee to Sebi in co-location case

The tribunal, however, granted an additional week to the exchange to comply with the May 22 order which directed NSE to transfer Rs 687 cr to Sebi within two weeks from the escrow account

Securities Appellate Tribunal (SAT) Thursday rejected NSE's plea for allowing it to provide bank guarantee instead of transferring Rs 687 crore from escrow account to Sebi in co-location case.

The tribunal, however, granted an additional week to the exchange to comply with the May 22 order which directed NSE to transfer Rs 687 crore to Securities and Exchange Board of India (Sebi) within two weeks from the escrow account.

"In our view, we do not find any reason to modify our order dated May 22, 2019. The appellant (NSE) should transfer the amount which is already kept in the escrow account as