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Mumbai, May 22 (UNI) The Securities Appellate Tribunal (SAT) on Wednesday asked the National Stock Exchange (NSE) to transfer Securities and Exchange Board of India (SEBI) Rs 625 crore within two weeks in connection with the NSE co-location case.
After hearing a plea filed by the NSE, a two-member bench of the SAT however granted an interim stay on fine imposed by the market regulator SEBI on NSE.
The SAT said Rs 625 crore of total Rs 2,500 crore would be deposited in a interest bearing account till the hearing concludes in the case. And the remaining Rs 1,800 crore will be kept in an escrow account.
The Tribunal also deferred the hearing till July 22.
The market regulator had last month imposed a fine of Rs 2500 crore on the NSE and restricted public fundraising on the bourse for six months, after finding that the NSE had failed to ensure equal access for all brokers to its network servers.
The SEBI was also directed to file a reply on NSE petition within six weeks. The Tribunal also asked NSE to file rejoinder within three weeks after the SEBI’s reply.