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M/s. Emkay Global Financial Services Limited Versus The National Stock Exchange of India Limited and Others

2015 (7) TMI 177 - SECURITIES APPELLATE TRIBUNAL MUMBAI

Annulment of trades - Violation of the norms laid down by SEBI / NSE - Held that:- It was submitted by NSE that the settlement proposal put up by the parties is not in contravention of any of the rules/regulations/bye laws of NSE. However, submitted .....

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on record or not, in the peculiar facts of the present case, we, in exercise of powers conferred under rule 21 of the Securities Appellate Tribunal (Procedure) Rules, 2000 direct NSE to take on record the settlement proposed by the appellants and rel .....

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. 134 of 2015, Appeal No. 135 of 2015 - Dated:- 26-3-2015 - J.P. Devadhar and Jog Singh, JJ. For The Appellant : Mr. Darius Khambata, Senior Advocate with Mr. Pesi Modi, Senior Advocate, Mr. Somasekhar Sundaresan, Mr. Abhishek Venkatraman and Mr. Dha .....

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mp; Co. Mr. Shashank V. Choudhary, Advocate, Mr. Prakash K. Shah, Advocate Per: Justice J.P. Devadhar (Oral) 1. In these two appeals, the appellants have challenged the order passed by the Standing Committee of NSE on Annulment on December 04, 2014. .....

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re executed on October 05, 2012 where in both parties to the trade were found to have violated the norms laid down by SEBI/NSE. On an application filed by M/s. Emkay Global Financial Services Limited ( Emkay for short) seeking annulment of trades, NS .....

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o pass fresh order on annulment application after hearing the concerned parties. 3. When the matter was taken up for fresh hearing, parties submitted settlement proposal which was rejected by NSE on ground that it has no power to take such settlement .....

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t in contravention of any of the rules/regulations/bye laws of NSE. However, he submitted that in the absence of any power, NSE could not entertain the settlement. 5. In these circumstances, since the settlement is bonafide and is not violative of an .....

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