SAT asks Sebi to pass order on UP stock exchange in six weeks

The Securities Appellate Tribunal has directed Sebi to consider the representations made by UP Stock Exchange and pass an appropriate order in six weeks with regard to exit policy for non-operational bourses UP Stock Exchange has already made representations to Sebi's ( Securities and Exchange Board of India ) regarding the latter's 'Exit Policy for De-recognised/ Non-operational Stock Exchanges' issued in May 2012."In the interest of justice, we direct the respondent (Sebi) to consider those representations as per law and pass appropriate order within a period of six weeks from today," the tribunal said in an order dated November 5.On passing of such order, if the grievances are not redressed then the appellant would be at liberty to approach the appropriate forum as per law, it added.The tribunal's order came in response to an appeal made by the stock exchange."With the aforesaid directions, the appeal stands disposed of at the admission stage itself with the consent of both the parties and with no order as to costs," the tribunal said.