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Informist, Friday, Sept. 18, 2026

 

NEW DELHI – The Supreme Court Friday allowed the settlement between the National Stock Exchange of India and Securities and Exchange Board of India in the co-location case. The apex court disposed of SEBI's appeals challenging the Securities Appellate Tribunal's order that set aside the market regulators' disgorgement order in co-location case against the NSE. This comes after the market regulator in July accepted the exchange's application under the settlement proceedings regulation for a settlement amount of INR 14.91 billion in co-location and dark fibre cases. The top court had previously disposed of SEBI's appeals in the dark fibre case by noting the settlement between the parties.

 

The National Stock Exchange had filed the settlement application of INR 12.24 billion to close the market regulator's pending appeal in the Supreme Court in the co-location facility case. The NSE had also filed another application for a settlement amount of about INR 2.68 billion to close the market regulator's pending appeal in the apex court in the co-location facility-related dark fibre case, also referred to as the lease lined connectivity case. The settlement amount in these two applications aggregated to about INR 14.92 billion.

 

The main co-location case had emanated from the market regulator's 2019 order in which it had directed NSE to disgorge INR 6.25 billion, along with interest at 12% per annum from Apr. 1, 2014. SEBI had alleged in this order that the NSE had allowed preferential connectivity to select brokers to the tick-by-tick data dissemination servers in its co-location facility which resulted in these brokers making substantial profits. In an appeal by NSE, the appellate tribunal had set aside the market regulator's order. The market regulator had then appealed against the appellate body's order in the Supreme Court. 

 

Earlier this month, the market regulator had cleared NSE's initial public offering plan. NSE was incorporated in 1992 and is currently India's largest stock exchange. It provides trading, clearing, listing, and other services such as data feed services, data terminal services, and licensing services. For the June quarter, the company reported a consolidated net profit of INR 31.20 billion on revenues of INR 45.60 billion. The National Stock Exchange of India Ltd.'s initial public offering on Thursday was subscribed 43% on the first day, with strong demand from non-institutional and retail investors.  End

 

Reported by Surya Tripathi

Edited by Akul Nishant Akhoury

 

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