Strong grounds to contest Sebi order in co-location case, says NSE

Exchange will soon move SAT against three orders passed by the market regulator in the co-location case

The National Stock Exchange (NSE) believes it has “strong grounds” to contest orders passed by the Securities and Exchange Board of India (Sebi) in the co-location (co-lo) case. The country’s largest stock exchange plans to move an appellate body challenging the three orders passed by the markets regulator directing it, among other things, to disgorge over Rs 1,000 crore.

“The company (NSE) has received the orders passed by Sebi and has sought legal advice thereon. Having regard thereto, the company believes that it has strong grounds to contest the above orders including monetary liability (including from adjudication proceedings) raised by Sebi.