The Bombay High Court has pronounced its judgment today in the matter relating to the denial of a stock exchange licence to the MCX Exchange. The Court has set aside SEBI’s order of 23 September 2010 (which was discussed here) and directed SEBI to reconsider MCX’s application afresh in the light of the Court’s observations.
The judgment has significant implications on various aspects, including “persons acting in concert” and the enforceability of buyback arrangements and options in securities. We will have the opportunity to discuss some of these in greater detail.
