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SC urges SEBI to take up MCX-SX plea afresh; urges to re-look MIMPS norms

Multi Commodity Exchange Of India Ltd. | Finance - Stock Broking | BFSI | BSE: 534091 | NSE: MCX

12 Apr 2012 Evaluate

Tossing the ball in SEBI’s Court, Supreme Court urged market regulator to amend provision relating to buy-back and commonality clauses in MIMPS Regulations, 2006, and re-consider Multi Commodity Exchange of India (MCX)-Supreme Court (SX’s) application to start an equity platform as fresh plea, within three months. The apex court disposed off SEBI's special leave petition (SLP) challenging the Bombay High Court order, which directed the regulator to reconsider MCX-SX's application afresh by April 14,2012.

The bench comprising justices Aftab Alam and C K Prasad passed the order on the basis of a consensus, reached between SEBI which was represented by Attorney General GE Vahanvati and MCX-SX represented by Harish Salve. However, the court ordered that SEBI shall amend its MIMPS Regulations without being influenced by the observations made by the Bombay High Court in the case. The HC had overturned SEBI's decision rejecting MCX-SX's plea to start a full-fledged stock exchange.

According to SEBI's decision earlier, the voting rights of the shareholders shall not exceed the maximum permissible limit of 5% at any point of time. The regulator, while earlier rejecting MCX-SX's application seeking its nod to offer a stock trading segment, had cited the buy-back arrangements to justify its stand. It stated that the promoters of the applicant were not 'fit and proper' persons since they failed to disclose that they had entered into buy-back agreements with the financial investors which were really a forward contract. Such contracts are not allowed under the prevailing law, SEBI contended. SEBI had also objected to the promoters diluting their combined stakes from 70% to 10% by getting warrants issued to themselves.

However, with the passing of this order, the regulator will have to take a relook at norms relating to the manner of increasing and maintaining Public Shareholding in Recognized Stock Exchanges (or MIMPS).

Multi Commodity Exch Share Price

2855.45 -4.65 (-0.16%)

17-Apr-2026 16:59 View Price Chart

Peers

Company Name	CMP
Motilal Oswal Fin	815.95
Angel One	323.35
IIFL Capital Service	313.40
Nuvama Wealth	1403.20
Share India Sec.	147.05
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SC urges SEBI to take up MCX-SX plea afresh; urges to re-look MIMPS norms

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