NSE | SEBI
SC to allow SEBI's appeal against order quashing Rs 6 cr fine on NSE
New Delhi: The Supreme Court Monday asked National Stock Exchange (NSE) to file its response to the appeal filed by the Securities Exchange Board of India (SEBI) against an order that quashed a Rs 6-crore fine imposed on the NSE by the market regulator, media report said.
In 2020, SEBI had slapped the fined on NSE for the alleged violation of Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) norms of 2018.
The SAT quashed the fine pointing out that the NSE made the investments before the implementation of the 2018 rules, commonly known as SECC (stock Exchanges and Clearing Corporations) Regulations norms.
The rules prohibit exchanges from investing or deploying funds in entities without SEBI’s approval.
The SAT ruled that the SECC norms of 2018 could not be applied retrospectively and the investments made by NSE could not be said to be in violation of these rules.
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