Co-location case: NSE moves Securities Appellate Tribunal against Sebi rulings

The National Stock Exchange on May 21 moved the Securities Appellate Tribunal challenging Sebi's rulings against it in the co-location case, according to an official. A total of three petitions have been filed against the rulings of the market regulator, which had also directed the bourse to disgorge profits worth over Rs 1,0000000000. Two of the pleas are scheduled for hearing on Wednesday, as per the cause list of the tribunal. In April, Sebi directed the exchange to disgorge profits worth over Rs 1,0000000000 and imposed a six-month ban on launching new derivative products besides action against other entities, including some current and former officials. On May 19, the NSE had said it would soon move the tribunal against Sebi rulings in the co-location case as there are "strong grounds" to challenge the orders.