SC to hear NSE appeal against CCI in April, stay on penalty extended
1 min read 05 Jan 2015, 06:35 PM ISTIn June 2011, CCI said the NSE move affected competition in the currency derivatives market and imposed a Rs55.5 crore penalty
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New Delhi: Wrangling over free currency derivatives trading offered by the National Stock Exchange (NSE) in 2008 has finally reached the Supreme Court, which on Monday agreed to hear the case in April.
MCX Stock Exchange Ltd (MCX-SX) had approached the Competition Commission of India (CCI) in 2009, after NSE in August 2008 started offering currency derivatives trading free of cost.
In June 2011, CCI said the NSE move affected competition in the currency derivatives market and imposed a ₹ 55.5 crore penalty. The order was upheld by the Competition Appellate Tribunal (Compat) on 5 August 2014, following which NSE moved the Supreme Court.
A bench of justices J. Chelameswar and P.C. Ghose also extended an interim stay on the payment of a deposit of ₹ 55.5 crore, a penalty imposed by the Competition Commission of India (CCI). The court had stayed this deposit on 23 September.
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