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Colocation case: Sebi likely to challenge SAT's relief to NSE in SC

Legal experts cite 'inconsistencies' in Tribunal's order

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The Rs 625-crore disgorgement figure was arrived at by Sebi based on the revenues earned by NSE during years when its colocation architecture was allegedly compromised

4 min read Last Updated : Jan 24 2023 | 9:57 PM IST

The Securities and Exchange Board of India (Sebi) is likely to move the Supreme Court against an order passed by the Securities Appellate Tribunal (SAT) in the case pertaining to unfair access to the National Stock Exchange’s (NSE’s) colocation facility.

The tribunal on Monday had set aside Rs 625-crore-plus disgorgement orders passed by the market regulator in 2019 against the NSE and its former heads Chitra Ramkrishna and Ravi Narain.

Legal experts in the know said Sebi’s decision to move the apex court could have been prompted by certain “inconsistencies” in the 235-page order passed by the SAT, in which its bench termed the disgorgement action as “unwarranted.”