63 Moons Technologies to challenge Sebi's order on STP service provider

63 Moons Technologies on Friday said it would challenge market regulator Sebi’s order rejecting its application for renewal of approval to act as STP (straight through processing) service provider.The Securities and Exchange Board of India on Thursday said neither the company not its promoter Jignesh Shah is ‘fit and proper’ to provide software services to market intermediaries.The company in a statement said the latest order of Sebi is with regards to STP gate service only and it has nothing to do with any other technology services by the group.“Revenue from STP gate service is approximately Rs 40000000, which is 1.56% of total revenue of 63 moons. Odin and exchange technology are not affected by the Sebi order at all,“ said Keshav Samant, President and CEO - Brokerage Technology Solutions, and Mehmood Vaid, Head-Exchange Technology, 63 moons Technologies, in a statement.63 Moons Technologies provide STP software solutions and ODIN trading software across the securities markets. The company, formerly known as Financial Technologies India (FTIL) provides STP services to 300 brokers, 15 custodians and 170 fund houses.“In the backdrop of NSE withdrawing its trading platform ‘NOW’, 63 moons’ ODIN remains the best solution available across multiple asset class in the market. In this condition, the intention of Sebi’s present order is unexplainable.Sebi coming out with such an order after over seven years, especially when the issue of ‘fit and proper’ is still sub judice will be disturbing the smooth functioning of the market,” the company said.