In a setback to Financial Technologies India Ltd (FTIL), promoter of upcoming equity exchange MCX-SX, The Apex Court refused to allow the petition of FTIL, seeking to be made a party in the case between National Stock Exchange(NSE) and MCX-SX.
A three-judge bench headed by Chief Justice Altamas Kabir refused to make FTIL a party in the case. The bench also asked NSE not to raise arguments on merits or demerits of the petitioner’s software platform ODIN before the tribunal.
Financial Technologies had moved the Supreme Court after tribunal ruled against company on 05th October 2012.
Penalty against NSE
The Competition Commission had on Jun 23, 2011 imposed a penalty of 555 mln rupees on the NSE holding that it had “abused its dominant position” by waiving transaction fee in currency futures trading. The commission had passed the judgement on a complaint of MCX-SX.
Besides penalty, the commission had directed NSE to “desist from unfair pricing” and modify its zero price policy in respect to currency futures trades.
NSE had moved the Competition Appellate Tribunal against the 555 mln rupees penalty imposed by Competition Commission in the dispute over a transaction fee waiver in the currency derivatives segment.