Published On: Mon, Nov 8th, 2010

MCX-SX files Writ Petition in The Honourable Bombay High Court challenging SEBI’s Order

MCX Stock Exchange (MCX-SX) has filed a writ petition on 29th October 2010 in the Honourable Bombay High Court challenging the SEBI Order dated 23rd September 2010. It may be recalled that SEBI had passed the order dated 23rd September 2010 rejecting the application made by the Exchange, seeking approval for commencement of its equity, F&O, WDM and other segments / products. The said writ petition is expected to be taken up for admission after court vacation.

Mr. Joseph Massey, MD & CEO, MCX-SX said: “The recent decision of SEBI not granting currency options to us along with other Exchanges was vindictive, biased and discriminatory like its earlier decision of not granting IRF to us. Such a decision has already started impacting our business adversely. Currency options and IRF are part of the currency derivatives segment and we have an approved currency derivatives segment. The earlier decision of not granting IRF had discouraged prospective investors and, therefore, the exchange had to adopt the Scheme of Capital Reduction to comply with MIMPS Regulation as suggested by SEBI Officials. This scheme was informed to the Chairman, SEBI way back in December 2009, seeking guidance and SEBI never objected to the scheme, till the order dated 23rd September 2010.

We have confidence in the judicial system and we are sure that justice will prevail”

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