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The Bombay High Court today asked the markets regulator SEBI to reconsider MCX’s stock exchange application in one month and set aside its earlier order.
Justices Mr D.Y. Chandrachud and Mr Anoop V. Mohta passed the order today after hearing an appeal filed by MCX-SX in October 2010 against the market regulator for rejecting its application to set up a new equities trading platform.
In the last hearing last November, the High Court had reserved its judgment after the two parties — SEBI and MCX-SX — were unable to sort out the matter out-of-court.
The court ruling is considered as a moral victory for MCX-SX, promoted by Jignesh Shah of Financial Technologies, which all along has maintained that the regulator did not give its application a fair hearing.
“The SEBI was, is, and will always remain a respected regulator. The MCX-SX stance was not against regulatory institution, but was for principles. We stand vindicated and have full faith in our judiciary. We remain committed to growth and development of the country’s financial markets,” an MCX-SX spokesperson said after the court order this morning.
The regulator SEBI could not be reached immediately for comments.
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