Settle dispute by Oct 14: HC to Sebi, MCX-SX

The Bombay High Court on Friday asked market regulator Sebi and MCX Stock Exchange (MCX-SX) to amicably resolve the deadlock over the exchange’s bid to start trading in equities and other instruments by October 14, failing which the court would pass the order on the issue.

Justice D Y Chandrachud, heading the bench, said it was pertinent for both the sides to sit down and thrash out the issue amicably. MCX-SX had last September moved the High Court, challenging Sebi’s order that rejected its application to launch equity trading. Chandrachud advised the warring parties to resolve the legal row and also advised Sebi to consider withdrawing the show-cause notice it had slapped on MCX-SX as most of the issues in the order have been resolved.

Sebi had denied permission to MCX-SX to begin equity trading, saying it was apprehensive of the shareholding pattern in the private exchange promoted by Jignesh Shah-led Financial Technologies.

Source: http://www.indianexpress.com/news/Settle-dispute-by-Oct-14--HC-to-Sebi--MCX-SX/854166/