SAT issues notice to Sebi on appeal filed against order in STP services matter: 63 Moons

By: |
December 21, 2020 7:36 PM

On December 3, Sebi said that 63 Moons has been offering STP services without its approval and allowed the company to provide such services for three more months to clients in order to avoid any possible disruptions for securities market participants.

sebi, marketsAs per a September media report, Axis Multicap Fund would have had to increase its midcap exposure by 14.3 per cent and small cap exposure by 16.1 per cent to comply with the Sebi requirements.

63 Moons Technologies on Monday said the Securities Appellate Tribunal has issued a notice to Sebi on an appeal filed by the company against the order related to providing Straight Through Processing (STP) services.

On December 3, Sebi said that 63 Moons has been offering STP services without its approval and allowed the company to provide such services for three more months to clients in order to avoid any possible disruptions for securities market participants.

Generally, financial firms use STP to pass information electronically in order to optimise the speed at which they process transactions. This eliminates the need for a hands-on re-entry of data that has already been completed at the source.

The watchdog’s directions were part of an order wherein it rejected 63 Moons’ application seeking renewal of approval to provide STP services on the basis of ‘fit and proper’ criteria.

In a statement, the company said the tribunal on Monday issued a notice to Sebi in the appeal filed against the regulator’s order in the STP Gate matter.

“Expediting the issue, the tribunal has kept the matter for final hearing and disposal on January 29, 2021,” the statement added. 63 Moons was earlier known as Financial Technologies (India) Ltd (FTIL).

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1BharatPe raises Rs 50 cr debt from Trifecta Capital
2IRFC IPO: Issue subscribed 3.42 times; QIB portion booked nearly 4 times; what should be listing day strategy?
3Rakesh Jhunjhunwala effect: Wockhardt shares jump 6% as big bull emerges among major shareholders