EMKAY GLOBAL FINANCIAL SERVICES LIMITED AND ORS. Vs. THE NATIONAL STOCK EXCHANGE OF INDIA LIMITED AND ORS.

JUDGEMENT

(1.) IN these two appeals, the appellants have challenged the order passed by the Standing Committee of NSE on Annulment on December 04, 2014. By the said order the Committee has declined to take on record the settlement proposed by the parties and declined to release payment as per the settlement proposed by the parties.

(2.) DISPUTE in the present case, relates to annulment of trades that were executed on October 05, 2012 where in both parties to the trade were found to have violated the norms laid down by SEBI/NSE. On an application filed by M/s. Emkay Global Financial Services Limited ('Emkay' for short) seeking annulment of trades, NSE by its order dated April 29, 2013 rejected the said application. Challenging the said order Emkay had filed Appeal No. 64 of 2013. While setting aside the said order and allowing the appeal by way of remand on August 26, 2014, we had directed NSE to pass fresh order on annulment application after hearing the concerned parties.

(3.) BEFORE us, Mr. Bharucha Learned Senior Advocate appearing on behalf of NSE on instructions fairly stated that the settlement proposal put up by the parties is not in contravention of any of the rules/regulations/bye laws of NSE. However, he submitted that in the absence of any power, NSE could not entertain the settlement.