SAT asks FTIL to move Sebi with deadline extension plea

FTIL has filed an application before SAT seeking extension of time for complying with Sebi order, dated March 19

The Securities Appellate Tribunal (SAT) has asked Financial Technologies India (FTIL) to move Sebi with its plea seeking extension of deadline for divesting its holdings in MCX-SX and three other exchanges.

FTIL has filed an application before SAT seeking extension of time for complying with the Sebi order, dated March 19, declaring it not fit and proper to hold any stake in a stock exchange. The company had moved SAT against the order last month.

The tribunal, however, had ruled in Sebi's favour and given FTIL time till August 9 to divest. "Since applicant (FTIL) is seeking further time, it would be just and proper for applicant to move Sebi in that behalf.

Accordingly, we permit applicant to move Sebi seeking extension of time. If such application is made, SEBI would consider it on its merit and pass appropriate order thereon," SAT said in an order dated August 21.