SAT Places SEBI Order in Abeyance in 63 Moons STP Gate Case
SEBI, on December 3, 2020, had passed an order rejecting the approval to 63 moons for providing STP Gate Services on the basis of ‘Fit & Proper’ order that was passed by Forward Markets Commission (FMC) seven years ago
Mumbai, February 22, 2021: The Hon’ble Securities Appellate Tribunal (SAT) on Monday heard the 63 moons technologies limited’ challenge to Securities and Exchange Board of India (SEBI) order disallowing the Company from providing STP Gate Services and has reserved the judgment. While passing the order, the Hon’ble Tribunal has kept the SEBI Order in abeyance.
This in effect means that till the passing of the final decision by the Hon’ble Tribunal, the SEBI Order will remain ineffective. We are hopeful of justice being delivered.
SEBI, on December 3, 2020, has passed an order rejecting the approval to 63 moons for providing STP Gate Services on the basis of ‘Fit & Proper’ order that was passed by Forward Markets Commission (FMC) seven years ago.
