MCX-SX on Tuesday approached the Bombay High Court to obtain Securities and Exchange Board of India’s (SEBI’s) approval to set up an equities trading platform.
While the hearing in the Bombay High Court is scheduled for July 28, a source close to the development said the move was made after the company did not receive any response from the regulator even after complying with required norms.
MCX-SX had received an extension of license from SEBI in order to comply with the norms, which will expire in September, and may have been one of the reasons to move court, a source said.
“The exchange had fulfilled all the compliance needs and is still waiting for the regulator’s approval.”
Both MCX-SX and SEBI spokespersons declined comments on the issue.
However, industry insiders said the company has not followed certain provisions as laid down by the regulator.