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.