The Securities Appellate Tribunal(SAT) on Monday heard the 63 Moons Technologies Limited', NSE Symbol: 63MOONS, BSE Script Code: 526881, 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 tribunal 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.
The SEBI, on December 3, 2020 has passed an order rejecting the approval to63moons for providing STP Gate Services on the basis of 'Fit &Proper' order that was passed by Forward Markets Commission (FMC) seven years ago.