The National Stock Exchange (NSE) will move the Supreme Court against the Compat order upholding the Competition Commission of India (CCI) view that the country's largest bourse had abused its dominant position in the currency derivatives market.
“NSE will appeal the order of Compat and we will do the needful after going through the detailed order. Whatever we have done was in the interest of the development of the capital markets. A suitable review of the implications will be done in due course,” a spokesperson of the exchange said.
The Competition Apellate Tribunal (Compat) ruling dismissing the NSE plea against CCI order would mean that the bourse would have to fork out a penalty of Rs 55.5 crore. But this may not arise if NSE were to appeal against the Compat order before the apex court.
MCX-SX had filed a complaint before the CCI alleging that NSE was pricing its services in currency derivatives market below cost and abusing its dominant position to eliminate competition.