Provide NSE with probe details: HC to CCI

HC asks competition watchdog to reveal probe details behind showcause notice to bourse

deevakar

Deevakar Anand | May 31, 2011



The Delhi high court on Tuesday asked the Competition Commission of India (CCI) to share details of its probe that led to the competition watchdog serving a showcause notice to the National Stock Exchange (NSE). The court set a deadline of Friday (June 3) for CCI to comply with the order.

The order has come a day after the NSE knocked the court’s door pleading to compel the competition watchdog to provide it with the complete report including the dissenting notes from its members.

A CCI probe had levelled charges of abuse of dominant position and adoption of unfair practices in the trading of currency derivatives by NSE.The commission had then served a show cause notice to the bourse on April 29.

Justice S Muralidhar has asked NSE to reply to CCI within five working days once it obtains the order. The stock exchange had said in its petition that CCI did not share the dissenting views of its members over the show cause notice which was in contravention to an earlier court directive.

The CCI probe had been based on a complaint filed by NSE’s rival MCX stock exchange. NSE had first approached the Delhi HC on May 16 for a direction in this regard. On the court’s order, CCI gave a copy of the 140-page investigation report on May 25 but NSE complained it did not have the dissent notes attached and seemed to be passed by majority in CCI.

Justice Muralidhar questioned CCI on holding the dissenting note back and observed that being not a private body, all its opinions must be in public .The bench observed, “The commission is a public body and all its orders must be made available to all.”

“You are not a private body. All your opinions must be in public. In fact you should put it on website. None should need to file an application to get your order," he noted.

The bench did not pay heed to MCX ‘s counsel’s allegation that the matter is being complicated by NSE . The counsel said that since the current CCI chairman Dhanendra Kumar is retiring two days later on June 3, NSE will ask for a re look at the issue afresh. The court said it did not want to go into that as the issue was not raised earlier.







 


 

Comments

 

Other News

Retail inflation crosses 6% mark

Retail inflation based on Consumer Price Index for October has reached 6.09%, whereas year-on-year food inflation, based on Consumer Food Price Index, for October is 8.94%, an official release said on Thursday.   Year-on-year inflation rate based on All India Consumer Price I

Cabinet approves museum at North-South Block complex

The Cabinet Committee on Economic Affairs, chaired by prime minister Narendra Modi, on Wednesday has approved the development of the Yuge Yugeen Bharat Museum (YYBM) at the North and South Block Complex, New Delhi, at an estimated total project cost of ₹3,230 crore, as appraised by the Public Investmen

Cabinet approves extension of Noida metro corridor

The Union Cabinet, chaired by prime minister Narendra Modi, has approved the extension of Aqua Line Metro Rail Corridor from Noida Sector-51 to Greater Noida Sector-04 of Noida Metro Rail Project with corridor for a length of 8.449 km with 5 elevated stations. On operationalization of this corridor, Noid

India reaffirms commitment to climate multilateralism

India has reaffirmed its commitment to climate multilateralism and the principles of Equity and Common But Differentiated Responsibilities and Respective Capabilities (CBDR-RC), calling for a fair, equitable and ambitious outcome at the 31st Conference of the Parties (COP31) to the United Nations Framewo

How the mind can help the body heal itself

Why do some people recover from illness against all odds? Can our beliefs, emotions and consciousness influence the body’s ability to heal? Drawing on over three decades of experience in medicine, research and medical innovation, internationally trained ophthalmologist and author Dr Dinesh Verma ex

1,364 anti-cancer formulations to cost less from today

The National Pharmaceutical Pricing Authority (NPPA), under the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, has capped trade margins on the Maximum Retail Price (MRP) of 137 anti-cancer drugs. This was based on the recommendations of an Expert Committee constitute

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter