FTIL wants to be a party in NSE case against CCI in COMPAT
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FTIL wants to be a party in NSE case against CCI in COMPAT

Last Updated: Thursday, August 16, 2012, 22:12
 
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FTIL wants to be a party in NSE case against CCI in COMPAT
New Delhi: Financial Technologies today pleaded before the Competition Appellate Tribunal (COMPAT) to make it a party in stock exchange NSE's appeal against a Rs 55.5 crore penalty by fair trade regulator CCI.

However, the plea was opposed by the NSE, which said Financial Technologies India Ltd (FTIL) was not a party before the CCI (Competition Commission of India) and hence there is no need for the same in COMPAT case.

NSE is challenging the CCI order, which imposed a penalty on the bourse for allegedly abusing its dominance in the currency derivative segment.

The CCI order came on a complaint filed by MCX Stock Exchange (MCX-SX), which competes with NSE in the currency derivatives market. MCX-SX was set up by FTIL and MCX, the country's biggest commodity bourse.

The matter would now come on September 6 for the next hearing before the tribunal.

FTIL is a financial technology specialist providing IT solutions for the equity, treasury, Forex, commodity, derivatives, and depository segments.

PTI



First Published: Thursday, August 16, 2012, 22:12


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