The National Stock Exchange (NSE) has moved the Securities Appellate Tribunal (SAT) against an order passed by the Securities and Exchange Board of India (Sebi) in the co-location (colo) case. The tribunal will take up the matter on Wednesday, as per the cause list on SAT’s website. Somasekhar Sundaresan will be the counsel for NSE, while Anubhav Ghosh will be the counsel for Sebi.
On April 30, Sebi
had passed multiple orders against NSE
and some of its current and former employees for lapses at its co-lo facility that allowed preferential access to certain brokers.
In one order, Sebi
has directed NSE
to disgorge Rs 625 crore along an interest of 12 per cent per annum from April 01, 2014 till the actual date of payment. The regulator has also barred the exchange from raising funds from the market for a period of six months from the date of the order. In another order, Sebi
has asked the exchange to deposit Rs 63 crore along with 12 per cent interest from September 11, 2015. In a third order, Sebi
has given remedial directions to NSE
to improve governance and transparency at the exchange.