HC asks Sebi to reconsider MCX-SX application within a month

Mumbai: The Bombay High Court today asked capital market regulator Sebi to reconsider within a month MCX's application for setting up a stock exchange and set aside its order.

Justices D Y Chandrachud and Anoop V Mohta passed the order today after hearing an appeal filed by MCX-SX in October 2010 against Sebi for rejecting its application to set up a new equities trading platform.

MCX-SX, promoted by Financial Technologies, has been maintaining that the regulator did not give a fair hearing to its application

In the last hearing in November, the High Court had reserved the judgement after the two parties - Sebi and MCX-SX - were unable to settle the matter out-of-court.

MCX-SX, promoted by Financial Technologies, has been maintaining that the regulator did not give a fair hearing to its application.

"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 always have full faith in our judiciary.

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We remain committed to growth and development of the country's financial markets," MCX-SX spokesperson said after the court order this morning.

Sebi could not be reached immediately for comments.

PTI