63 Moons Technologies announced that the Hon’ble Securities Appellate Tribunal(SAT) on Monday heard the company’s challenge to the 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, 63 Moons said, “the Hon’ble Tribunal has kept the SEBI Order in abeyance.”
63 Moons adds, “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.”
Last year in December, the market regulator passed an order rejecting the approval to 63moons for providing STP Gate Services based on the ‘Fit &Proper’ order that was passed by the Forward Markets Commission (FMC) seven years ago.
On Sensex, 63 Moons finished at Rs81.10 per piece up 2.66%.
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( With inputs from indiainfoline)