The Competition Appellate Tribunal (COMPAT) on Thursday reserved its order on a plea by Financial Technologies India Ltd (FTIL), seeking to become a party in a case regarding stock exchange NSE's appeal against a Rs 55.5 crore penalty imposed by fair trade regulator Competition Commission of India (CCI).
A three-member COMPAT bench, headed by its Chairman Justice V S Sirpurkar, reserved the order after concluding its hearing on the impleadment application moved by FTIL.
The plea has been opposed by the NSE, which said FTIL was not a party before the CCI and hence there is no need for the same in COMPAT case. The NSE had challenged the CCI order passed last year wherein the fair trade regulator had imposed a penalty on the bourse for allegedly abusing its dominance in the equity market, thus affecting the competition in currency derivative segment.
The CCI order came on a complaint filed by MCX Stock Exchange (MCX-SX), which competes with NSE in the currency derivatives market.