Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: form 3cd :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: VAT RATES :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: VAT Audit :: cpt :: due date for vat payment
« General »
 India’s GST among most complex in world, and it is 0% tax rate that is hurting the idea
 Can’t overrule courts with retrospective amendments, says Supreme Court
 Why tax planning should be an all-year round activity
 8 financial tasks you should do in the next 30 days
 Income Tax department may defend CPC in returns fraud case
  Income tax department sends notices to investors over tax treaty gains
 Seven months after GST rollout: Time for handholding over, Centre to intensify efforts to curb tax evasion
 Individual angels may get tax relief too
 The differences between tax and cess
 Startups that raised funds from angel investors face tax scrutiny
 Tax collection assumptions in India's budget ambitious

Sebi: Securities tribunal to hear MCX-SX appeal
November, 17th 2010

In High Court, Regulator may question the petition's maintainability

The Securities and Exchange Board of India (Sebi) wants its legal battle with the MCX Stock Exchange (MCX-SX) to be settled at the Securities Appellate Tribunal (SAT).

Sebi, in its reply to the MCX-SXs appeal in the Bombay High Court, is expected to question the petitions maintainability, according to sources. The regulator will ask the court to dismiss the appeal and tell the exchange to move the tribunal.

MCX-SX has filed a writ petition in the Bombay High Court challenging a Sebi order barring it from launching trading in equity, equity derivatives and interest rate futures, apart from introducing a separate segment for small and medium enterprises. Only currency futures are available on MCX-SX.

It is likely that Sebi will ask the high court to dismiss the appeal and direct it (MCX-SX) to go to the tribunal, said an independent legal expert and a former Sebi executive director (legal). SAT, as a quasi-judicial body, has all the powers to examine the applicability of law in Sebi orders, he said. The writ petition was filed during vacation and it could not be independently verified whether the appeal has been admitted as yet.

The Sebi order was passed under Section 4 of the Securities Contracts (Regulation) Act (SCRA), 1956, to be read with Sections 11(1) and 19 of the Securities and Exchange Board of India Act, 1992.

The forum (for appeal) depends on where the appellant finds it more assuring, a corporate lawyer said on condition of anonymity. While orders under Section 4 of SCRA can be challenged in the high court, it is not that such orders cannot be appealed before SAT, he added.

While Sebi may argue that the appeal move to SAT, MCX-SX is expected to oppose it vehemently. This is the second time that MCX-SX, promoted by Financial Technologies India Ltd and the Multi Commodity Exchange, has moved the Bombay High Court against the capital market regulator.

MCX-SX had filed a writ petition in the Bombay High Court in July against the delay in the regulatory approval for launching new segments and operating as a full-fledged stock exchange. It had alleged that the market regulator was not giving the final nod, even though MCX-SX had complied with the shareholding norms. The high court had given Sebi time until September 30 to decide.

Thereafter, Sebi whole-time member Dr K M Abraham passed a 68-page order on September 23 rejecting the application.

Having made necessary enquiry on the application filed by MCX-SX, Sebi, prima facie, was not satisfied that it would be in the interest of trade and also in public interest to allow the application, said Abraham.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions