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The Bombay High Court, on the third day of the court proceedings in the MCX-SX-SEBI matter, made it clear that SEBI was the only authority that can finally allow MCX-SX to set up its new trading platform. If the grounds on which SEBI had denied permission to MCX-SX were found unsustainable, the maximum the Court could do is to ask SEBI to reconsider the application.
According to the SEBI order on MCX-SX, the exchange claimed that at the time of formation and recognition it was already demutualised and corporatised, and that MIMPS regulations apply to only exchanges which have to be corporatised and demutualised.
However, in the arguments presented in the Court on Thursday, SEBI stood by its initial argument that the applicant did not have “full compliance with the relevant provisions of the MIMPS Regulations.”
It also said that, it could not discriminate between the old exchanges and this new exchange as rules that apply to all are the same.
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