Securities Appellate Tribunal (SAT) on Monday stayed a SEBI order against the brokers of Saurashtra Kutch Stock Exchange (SKSE) till July 13.
SKSE was derecognised by SEBI on July 6 and the registration certificate of the brokers of SKSE was automatically cancelled. The appeal by brokers and SKSE against the SEBI order was presented today and will come for hearing on July 13. "The respondent is directed to ensure that the terminals of the appellants are not deactivated till then," SAT order passed by Justice N K Sondhi said on the appeal by brokers Mahendra Gridharlal Budhdev and Haresh Varjivandas Bhansali.
SEBI had last week derecognised Saurashtra-Kutch Stock Exchange (SKSE) for acting in defiance of its directives.
"SKSE has time and again acted contrary and in defiance of SEBI directives," the regulator had said.
The watchdog observed that there was a prolonged vacuum at the top management with the exchange failing to appoint Executive Director or CEO. Besides, there was brokers’ interference in the day-to- day functioning and members of the bourse were not interested in reviving trading on the exchange, Sebi said.
Couretsy: Economic Times - India