Interim relief for NSE on Rs 56-cr penalty by CCI | business | Hindustan Times
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Interim relief for NSE on Rs 56-cr penalty by CCI

The Competition Appellate Tribunal (Compat) on Thursday granted interim relief to the National Stock Exchange (NSE) from paying Rs 55.5-crore penalty imposed on it by the Competition Commission of India (CCI).

business Updated: Sep 08, 2011 21:05 IST

The Competition Appellate Tribunal (Compat) on Thursday granted interim relief to the National Stock Exchange (NSE) from paying Rs 55.5-crore penalty imposed on it by the Competition Commission of India (CCI).

The tribunal, however, ruled that the NSE would have to pay the fine along with an interest of 9% if it loses the case.

The Multi Commodity Exchange of India (MCX-SX) had filed a complaint against the NSE for abusing its dominant market position.

In its interim directive based on the NSE's plea against the CCI order, a three-member bench headed by Compat chairman Justice Arijit Pasayat stayed the penalty and said that, prima-facie, it saw a case in the matter.

The tribunal has sought replies from the CCI and MCX-SX within four weeks. The NSE has been asked to reply within four weeks thereafter.

The Compat said that the next date of hearing would be notified after expiry of these 10 weeks being given to various parties for their replies.