Sebi Vs MCX-SX case: Bombay HC rules in favour of exchange

In what comes in as a big reprieve for the exchange, the Bombay High Court on Wednesday, ruled in favour of MCX-SX in its case against market watchdog Sebi, reports CNBC-TV18.

Last September, Sebi rejected MCX-SX's application seeking permission to start a stock exchange, saying that the bourse had not complied with the norms on shareholding structure.
The Sebi norms restrict the promoters' stake in the exchange, and the regulator alleged that in MCX-SX's case, the shareholding was higher than the stipulated level.
In the last hearing in November 2011, it was agreed that Multi Commodity Exchange (MCX) and Financial Technologies India (FTIL)