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Tribunal upholds SEBI order cancelling 63 moons from providing STP service


Tribunal upholds SEBI order cancelling 63 moons from providing STP service
April 26, 2021
Firm to challenge order in apex court
The Securities Appellate Tribunal (SAT) has dismissed the appeal of 63 moons technologies against the order of markets regulator SEBI in the matter involving Straight-Through Processing (STP) gate services.
In December last year, SEBI had disallowed 63 moons from providing STP services on the grounds that it was judged ‘not fit and proper’ by the Forward Markets Commission (FMC) seven years ago.
63 moons said it would be challenging SAT in the Supreme Court.
STP is a software service used for trade settlement, mainly by institutional players. In 2018, SEBI had amended a clause that said only a fit and proper person can provide STP service. 63 moons and NSDL are the only two large players in the STP segment. ....

Supreme Court , Forward Markets Commission , Securities Appellate Tribunal , Straight Through Processing , Financial Technologies , உச்ச நீதிமன்றம் , முன்னோக்கி சந்தைகள் தரகு , பத்திரங்கள் மேல்முறையீடு தீர்ப்பாயம் , நேராக மூலம் ப்ரோஸெஸிஂக் , நிதி தொழில்நுட்பங்கள் ,