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India: Top court blocks CCI’s fines against stock exchange

By  |  September 23, 2014

India’s Supreme Court has stayed the Competition Commission of India’s penalties issued against the National Stock Exchange for anticompetitive conduct, say reports.

The Supreme Court decided Tuesday that the CCI must first respond to the NSE’s appeal of the Competition Appellate Tribunal’s ruling, which upheld the CCI’s findings.

The CCI found evidence that the NSE followed anticompetitive pricing rules regarding currency derivatives, according to reports.

The case began in 2009 when rival stock exchange MCX Stock Exchange filed a complaint against NSE to the CCI and, two years later, officials found the NSE to be abusing its dominant position.

Full content: Live Mint

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