NSE moves tribunal against market regulator Sebi rulings in co-location case

The National Stock Exchange Tuesday moved the Securities Appellate Tribunal challenging Sebi's rulings against it in the co-location case, according to an official. A total of three petitions have been filed against the rulings of the market regulator, which had also directed the bourse to disgorge profits worth over Rs 1,000 crore.

Two of the pleas are scheduled for hearing on Wednesday, as per the cause list of the tribunal. In April, Sebi directed the exchange to disgorge profits worth over Rs 1,000 crore and imposed a six-month ban on launching new derivative products besides action against other entities, including some current and former officials.

The watchdog had passed five separate orders, together running into 400 pages, related to the co-location case, wherein some entities allegedly got preferential access in high frequency trading. On Friday, the NSE had said it would soon move the tribunal against Sebi rulings in the co-location case as there are "strong grounds" to challenge the orders.