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SAT grants interim stay on NSE's disgorgement order
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SME Times News Bureau | 23 May, 2019
The Securities Appellate Tribunal (SAT) has been granted a stay on SEBI
orders in the co-location issue specifically pertaining to disgorgement
order.
"The direction in impunged order relating to disgorgement
by the NSE shall remain stayed during pendency of the appeal. The matter
would be listed for admission and final disposal on July 22, 2019," the
order read.
Accordingly, NSE has to transfer Rs 624.89 crore and
Rs 62.58 crore into SEBI account by the way of deposit in an interest
bearing account in two weeks. As per the order, the amount deposited
with SEBI is subject to the final output of case which will be next
heard on July 22, 2019.
In case if the final result is in favour
of NSE, the Securities and Exchange Board of India will return the
entire amount along with interest to NSE.
Further, NSE has been
ordered to comply with SEBI directive to not come out with an IPO for
the next six months from April 30. The development assumes significance
as on April 30, the market regulator, in a marathon five orders in the
co-location case, came down heavily on the NSE.
The co-location
case was based on allegations about collusion and lack of oversight
which allowed a few brokers to get faster access to market data.
In one of the orders, the regulator directed the NSE to disgorge Rs 624.89 crore in the co-location case.
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| Customs Exchange Rates |
| Currency |
Import |
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US Dollar
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84.65 |
Euro
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75.65 |
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