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SAT puts SEBI order in abeyance in 63 moons STP Gate case
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SME Times News Bureau | 23 Feb, 2021
The Securities Appellate Tribunal (SAT) on Monday reserved its verdict
in 63 moons Technologies Limited's challenge to the Securities and
Exchange Board of India (SEBI) order disallowing the company from
providing Straight Through Processing (STP) Gate Services.
The
tribunal has kept the SEBI order in abeyance. This, in effect, means
that till the passing of a final decision by the SAT, the SEBI order
will remain ineffective, 63 moons said in a statement.
63 moons said, "We are hopeful of justice being delivered."
On
December 3, 2020, the SEBI passed an order rejecting the approval to 63
moons for providing STP Gate Services on the basis of 'Fit and Proper'
order that was passed by the Forward Markets Commission (FMC), seven
years ago.
Generally, financial firms use STP to pass information
electronically in order to optimise the speed at which they process
transactions. This eliminates the need for a hands-on re-entry of data
that has already been completed at the source.
According to the
SEBI, STP guidelines stipulate that no person shall act as an STP
service provider unless it obtains approval from the regulator.
Expressing
"disbelief" at the SEBI order in December last, 63 moons technologies
had stated that it would challenge the market regulator ruling. The 'fit
and proper' order passed against the company in 2014 specifically deals
with barring persons or entities from holding an equity stake in any
exchange platform and has no bearing on providing technology services.
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