National Stock Exchange of India(NSE) has challenged co-location orders of the Securities and Exchange Board of India(Sebi) before Securities Appellate Tribunal(SAT).
The order was challenged on the grounds that it is unsustainable, arbitrary and disproportionate order.NSE has alleged that Sebi orders have not shown that any trading member got any advantage because of preferential access.
Recently,SEBI had barred National Stock Exchange(NSE) from raising money on securities markets for six months and has also fined NSE Rs 1000 crore under NSE co-location scam.
Co-location refers to the system wherein a broker’s server is kept in the exchange premises to reduce latency, or delay in computing terms, while executing trades.
SEBI had found that NSE while disseminating data through co-location facilities allowed certain users to get information before others thereby creating an information asymmetry.
Securities Appellate Tribunal (SAT) is a statutory body established under the provisions of Section 15K of the Securities and Exchange Board of India Act,1992.It’s headquarters is at Mumbai.
The mandate of SAT is to hear and dispose of appeals against the orders passed by the (a)Securities and Exchange Board of India (SEBI) (b)Pension Fund Regulatory and Development Authority (PFRDA) and (c)Insurance Regulatory Development Authority of India (IRDAI).
The National Stock Exchange of India Limited (NSE) is the leading stock exchange of India,located in Mumbai.The NSE was established in 1992 as the first demutualized electronic exchange in the country.
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