The Hindu Business Line : SAT dismisses Saurashtra Kutch Stock Exchange appeal

Mumbai, July 13 The Securities and Appellate Tribunal (SAT has dismissed the appeal filed by Saurashtra Kutch Stock Exchange (SKSE) against an order passed by Securities and Exchange Board of India, withdrawing recognition of SKSE. SEBI had passed the order last Friday.

SKSE thus ceases to a recognised stock exchange.

In his order, Dr T.C. Nair, Whole Time Member, SEBI, had observed that the stock exchange time and again acted contrary to and in defiance of SEBI directives and guidelines issued from time to time.

“SKSE is virtually defunct for several years and did not serve any economic purpose”, the order said.

The order had also highlighted that the regulator has been receiving frequent complaints on the mal-administration and mismanagement by the council of the exchange from various important quarters like the ministry of finance and members of Parliament.

In a related development, brokers of SKSE Securities Ltd. who had also filed separate appeals before the SAT on Monday against the SEBI order have withdrawn their appeals.

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