The Metropolitan Stock Exchange of India (MSE) is likely to submit a report with the Competition Appellate Tribunal (Compat) claiming over Rs 800- crore compensation from NSE for losses suffered due to unfair trade practices by the latter in the currency derivatives segment.
MSE is expected to submit the report, which has been evaluated by independent experts, by July.
"We had made the claim report but it was required to be evaluated by independent experts including financial expert and industry expert, now we are in position to file it with Compat and will submit it by July," MSE managing director and CEO Udai Kumar told PTI here.
The case relates to MSE's complaint against the National Stock Exchange (NSE) alleging abuse of its dominant position and predatory pricing in the currency derivatives segment.
MSE launched trading in currency derivatives in 2008 and had filed a complaint with CCI that it was unable to charge any transaction charges on account of free offering by NSE.
In 2011, the Competition Commission of India (CCI) had found the NSE guilty of abusing its dominant market position and adopting unfair trade practices in currency derivatives trading by not charging for such trades.
Subsequently, MSE began contemplating seeking compensation for lost business opportunity due to unfair pricing.
In 2014, Compat had upheld the CCI order against NSE.
Following the Compat order, NSE had filed an appeal with the Supreme Court. According to Kumar, the hearing in the case is likely to happen soon.
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