SAT Puts SEBI Order in Abeyance in 63 moons STP Gate Case
The Securities Appellate Tribunal (SAT) on Monday reserved its verdict in 63 moons Technologies Limited's challenge to the Securities and Exchange Board of India (SEBI) order disallowing the company from providing Straight Through Processing (STP) Gate Services.
 
The Tribunal has kept the SEBI order in abeyance. This, in effect, means that till the passing of a final decision by the SAT, the SEBI order will remain ineffective, 63 moons said in a statement.
 
63 moons said, "We are hopeful of justice being delivered."
 
On 3 December 2020, the SEBI passed an order rejecting the approval to 63 moons for providing STP Gate Services on the basis of 'Fit and Proper' order that was passed by the Forward Markets Commission (FMC), seven years ago.
 
Generally, financial firms use STP to pass information electronically in order to optimise the speed at which they process transactions. This eliminates the need for a hands-on re-entry of data that has already been completed at the source.
 
According to the SEBI, STP guidelines stipulate that no person shall act as an STP service-provider unless it obtains approval from the regulator.
 
Expressing 'disbelief' at the SEBI order in December last, 63 moons technologies had stated that it would challenge the market regulator ruling. The 'fit and proper' order passed against the company in 2014 specifically deals with barring persons or entities from holding an equity stake in any exchange platform and has no bearing on providing technology services.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • Like this story? Get our top stories by email.

    User 

    We are listening!

    Solve the equation and enter in the Captcha field.
      Loading...
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email

    BUY NOW

    online financial advisory
    Pathbreakers
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    28 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 4 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)