MUMBAI: A day after rejecting the application of to set up a full fledged stock exchange, market regulator today said that everyone has to follow the guidelines set up by the regulator.
"Everybody has to stick to the guidelines," SEBI Chairman C B Bhave told reporters when asked about the reasons for rejecting the application of MCX-SX to start trading in equity and derivatives.
Pointing out that the regulators don't comment on their orders, he said, SEBI being a public authority, its order have to stand the scrutiny of court of law.
Yesterday, Sebi rejected stock exchange MCX-SX's application for a full-fledged bourse status, saying shareholding norms had been violated and that its promoters lacked honesty.
(MCX-SX), promoted by India's largest commodity bourse MCX and another group company FTIL, currently offers trading in currency futures only.
In April, MCX-SX had applied to deal in interest rate derivatives, equity, futures and options on equity and wholesale debt segments and all other segments where BSE and NSE have a presence.
In a 68-page order, Sebi, after an enquiry into the application, said that it was "not satisfied that it would be in the interest of trade and also in public interest to allow the application."
Answering queries relating to the new takeover code, Bhave added that the SEBI has collected the observations and the suggestions from the Industry on the same issue.
"The next SEBI board meeting will come out with the final view," he said.
"Everybody has to stick to the guidelines," SEBI Chairman C B Bhave told reporters when asked about the reasons for rejecting the application of MCX-SX to start trading in equity and derivatives.
Pointing out that the regulators don't comment on their orders, he said, SEBI being a public authority, its order have to stand the scrutiny of court of law.
Yesterday, Sebi rejected stock exchange MCX-SX's application for a full-fledged bourse status, saying shareholding norms had been violated and that its promoters lacked honesty.
(MCX-SX), promoted by India's largest commodity bourse MCX and another group company FTIL, currently offers trading in currency futures only.
In April, MCX-SX had applied to deal in interest rate derivatives, equity, futures and options on equity and wholesale debt segments and all other segments where BSE and NSE have a presence.
In a 68-page order, Sebi, after an enquiry into the application, said that it was "not satisfied that it would be in the interest of trade and also in public interest to allow the application."
Answering queries relating to the new takeover code, Bhave added that the SEBI has collected the observations and the suggestions from the Industry on the same issue.
"The next SEBI board meeting will come out with the final view," he said.
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