NSE gets interim relief from SAT in co-location case

The Securities Appellate Tribunal (SAT) on Wednesday stayed Sebi rulings that directed the National Stock Exchange to disgorge profits of over Rs 625 crore in the co-location case.

However, the tribunal directed the bourse to deposit Rs 625 crore with Sebi in two weeks. The exchange would have to continue to deposit revenues from the co-location facility to an escrow account. On Tuesday, the NSE moved the tribunal challenging Sebi’s rulings against it in the co-location case.

In April, Sebi directed the exchange to disgorge profits of over Rs 1,000 crore and imposed a six-month ban on launching new derivative products besides action against other entities, including some current and former officials.

National Stock Exchange of India Ltd (NSE)