MCX-SX is up 7%, while MCX, another promoter is up 1.6%
HC on Wednesday set aside the order by capital market regulator SEBI, rejecting MCX-SX's application to set up a stock exchange.
MUMBAI: The Bombay High Court on Wednesday set aside the order by capital market regulator - Securities and Exchange Board of India, rejecting MCX-SX's application to set up a stock exchange, marking a major victory for the firm.
The high court asked Sebi to reconsider the application in one month.
In 2010, Sebi rejected MCX-SX's application saying that the exchange's promoters did not adhere to the prescribed shareholding structure as the two promoters were found to be persons acting in concert.
The case relates to Sebi's rejection on MCX-SX's application for starting its full-fledged stock exchange operation, which will also include trading platform for equities.
Shares of Financial Technologies, one of the promoters of MCX-SX is up 7%, while MCX, another promoter, is up 1.6%.
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