The Competition Appellate Tribunal (Compat) dismissed the plea of Financial Technologies India Ltd (FTIL) to be a party in the case related to NSE’s appeal against the Rs 55.5 crore penalty imposed on the stock exchange by fair trade regulator CCI.
The CCI order came on a complaint filed by MCX Stock Exchange (MCX-SX), which competes with NSE in the currency derivatives market. For dissenting opinion, see below.
MCX-SX was set up by FTIL and MCX, the country’s biggest commodity bourse.
A three-member Compat bench, headed by its Chairman Justice VS Sirpurkar, dismissed FTIL’s plea after observing that it does not “find any merit” in it.
FTIL’s plea was opposed by the NSE, which said that it was not a party before the CCI (Competition Commission of India) and hence there is no need for the same in Compat case.
The NSE had challenged the CCI order, passed last year, wherein it had imposed the penalty on the bourse for allegedly abusing its dominance in the equity market, thus affecting the competition in currency derivative segment.
FTIL is a specialist in providing IT solutions for the equity, treasury, forex, commodity, derivatives and depository segments.
Order of the COMPAT here
Credit: Indian Express