SAT asks NSE to transfer Rs 625 crore to SEBI within two weeks

NSE logo The Securities Appellate Tribunal (SAT) has asked The National Stock Exchange (NSE) to transfer Rs 6250000000 to market regulator Securities and Exchange Board of India (SEBI) within two weeks. The transfer is supposed to be done from NSE’s escrow account for its colocation service. The SAT has asked the NSE to keep revenues from the co-location and dark fibre case in the escrow account which, according to Mint, has a balance of Rs 2,3440000000 as on 21 May 2019. The SAT has also asked the NSE to initiate an enquiry against the employee accused in the co-location case and submit a report within six months. The NSE has challenged SEBI’s ruling in the co-location case. The SAT also asked SEBI to reply to the petition within six weeks and directed the NSE to file a rejoinder in the next three weeks. The NSE said it would not pursue its IPO for six months and had no intention of raising capital for that duration. SEBI has fined the NSE around Rs 6250000000 with a 12% interest at the time of payment. The market regulator has said that the NSE had given an unfair advantage to brokers who used the tick-by-tick (TBT) data feed.