SEBI to Decide on MCX-SX Plea

In response to MCX-SX's writ petition, the Bombay High Court Chief Justice Mohit Shah, and Justice S.C. Dharmadhikari on 10 August 2010 ordered SEBI to decide on the MCX-SX plea by 30 September 2010.  MCX-SX had filed a writ petition against SEBI for delaying permission to launch new products on its platform although it had complied to all the regulations. SEBI was also asked to pass orders within 3 weeks beginning 10 August 2010 regarding the renewal of recognition to MCX-SX. The court also ordered the promoter group of MCX-SX - Financial Technologies (FTIL) and MCX to pass a board resolution mentioning that the exchange would adhere to the “manner of increasing and maintaining public shareholding in recognised stock exchanges regulations (MIMPS) throughout its existence.”