{"id":2793,"date":"2018-05-24T06:24:36","date_gmt":"2018-05-24T06:24:36","guid":{"rendered":"http:\/\/www.wakilsahab.in\/news\/?p=2793"},"modified":"2018-05-24T06:24:36","modified_gmt":"2018-05-24T06:24:36","slug":"bombay-high-court-to-hear-further-arguments-in-nse-sgx-case-on-may-26","status":"publish","type":"post","link":"https:\/\/www.wakilsahab.in\/news\/bombay-high-court-to-hear-further-arguments-in-nse-sgx-case-on-may-26\/","title":{"rendered":"Bombay High Court To Hear Further Arguments In NSE-SGX Case On May 26"},"content":{"rendered":"<p>Source &#8211;\u00a0bloombergquint.com<\/p>\n<p>The Bombay High Court today granted an extension on the stay of Singapore Exchange Ltd.\u2019s launch of Nifty-based products till Saturday, after the National Stock Exchange of India Ltd. challenged the move.<\/p>\n<p>The NSE and SGX sought a consent order from the high court to start arbitration proceedings in the dispute but could not come to a consensus on the language of the consent order. Senior Advocate Abhisekh Manu Singhvi, representing NSE, argued that the April 11 circular on introduction of these derivatives should not be acted upon until June 4. SGX counsels said this should apply to the launch and not the circular itself.<\/p>\n<p>The high court will continue hearing arguments in the matter on May 26. \u201cUntil then, the ad-interim injunction granted on May 21, 2018 continues against the launch of new derivative contracts by SGX, in terms of their above-mentioned circular (issued by SGX on April 11),\u201d NSE said in a press release.<\/p>\n<p>SGX had announced that from June 4 it will\u00a0start new contracts\u00a0based on publicly available settlement data after the NSE decided to end its licencing agreement with the Singapore exchange. That came after India\u2019s three stock exchanges decided to stop sharing data with foreign peers to prevent volumes from moving offshore and promote the international trading centre in Gujarat, Prime Minister Narendra Modi\u2019s home state. Index and equity-linked derivatives are used by foreign investors to hedge their risk.<\/p>\n<p>Terming the SGX\u2019s plan a \u201cblatant disregard\u201d of its intellectual property rights and \u201cbreach\u201d of the licence agreement, NSE sued the bourse in the Bombay High Court.<\/p>\n<p>During today\u2019s hearing, Justice SJ Kathawala expressed his wish to send the parties to a court-appointed arbitrator to resolve the dispute. The high court also recommended the appointment of Justice SJ Vazifdar (retired Chief Justice of Punjab and Haryana High Court) as the sole arbitrator to decide the matter. The arbitrator can pass necessary and interim orders if the application before him is not decided on or before June 4, the judge said.<\/p>\n<div class=\"fb-background-color\">\n\t\t\t  <div \n\t\t\t  \tclass = \"fb-comments\" \n\t\t\t  \tdata-href = \"https:\/\/www.wakilsahab.in\/news\/bombay-high-court-to-hear-further-arguments-in-nse-sgx-case-on-may-26\/\"\n\t\t\t  \tdata-numposts = \"5\"\n\t\t\t  \tdata-lazy = \"true\"\n\t\t\t\tdata-colorscheme = \"light\"\n\t\t\t\tdata-order-by = \"social\"\n\t\t\t\tdata-mobile=true>\n\t\t\t  <\/div><\/div>\n\t\t  <style>\n\t\t    .fb-background-color {\n\t\t\t\tbackground:  !important;\n\t\t\t}\n\t\t\t.fb_iframe_widget_fluid_desktop iframe {\n\t\t\t    width: 100% !important;\n\t\t\t}\n\t\t  <\/style>\n\t\t  ","protected":false},"excerpt":{"rendered":"<p>Source &#8211;\u00a0bloombergquint.com The Bombay High Court today granted an extension on the stay of Singapore Exchange Ltd.\u2019s launch of Nifty-based products till Saturday, after the National Stock Exchange of India Ltd. challenged the move. The NSE and SGX sought a consent order from the high court to start arbitration proceedings in the dispute but could [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2794,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[42,824,2074,2103,2104],"class_list":["post-2793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bombay-high-court","tag-narendra-modi","tag-national-stock-exchange","tag-nse-sgx-case","tag-prime-minister"],"_links":{"self":[{"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/posts\/2793","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/comments?post=2793"}],"version-history":[{"count":1,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/posts\/2793\/revisions"}],"predecessor-version":[{"id":2795,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/posts\/2793\/revisions\/2795"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/media\/2794"}],"wp:attachment":[{"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/media?parent=2793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/categories?post=2793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wakilsahab.in\/news\/wp-json\/wp\/v2\/tags?post=2793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}