The Bombay high court have adjourned the hearing on the MCX-SX versus Securities and Exchange Board of India (Sebi) case to September 16. Friday’s hearing could have been important, as the date for MCX-SX’s licence renewal to operate as a currency exchange is on September 15. The court had heard both sides but MCX had asked for a few more minutes to argue their case before the judge delivers his verdict. MCX had approached the HC challenging a Sebi order rejecting its application seeking permission to launch equity trading. Sebi had said MCX- SX was not a “fit and proper person”. Last year, Sebi had renewed MCX’s licence on currency derivatives, citing that the matter was in court. The outcome of the case will have a direct bearing on MCX-SX’s curency trading operations. Currently, it is the leading exchange in currency derivative volumes. The other two exchanges are National Stock Exchange (NSE) and United Stock Exchange (USE).
Source : http://www.business-standard.com/india/news/bombay-hc-adjourns-mcx-sx-case-to-sept-16/448664/
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