2025 (1) TMI 1155

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....a Pawar, Advocate. For the Respondent No. 1/SEBI: Mr. Shiraz Rustomjee, Senior Advocate a/w Nishit Dhruva, Khushbu Chhajed, Vishal Jathar i/b MDP Legal, Advocates. For the Respondent No. 2/NSE: Mr. Prathamesh Kamat a/w Krushi Barfiwala, Rima Desai i/b Parinam Law Associates, Advocates. For the Respondent No. 3/NCL: Mr. Vishal Kanade a/w Rudra Deosthali, Divyanshu Gupta i/b Parinam Law Ass....

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.... corporations to implement the same. Respondent Nos. 2 to 5 have issued the other impugned circulars in pursuance and implementation of this direction. 4. The Petitioners have, in essence, challenged the impugned circulars on the basis that under these circulars: (a) The Petitioner is required to obtain and hold a Depository Participant license ("DP Licence") in order to continue with ....

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.... not required and would be redundant in the case of trades in Index Derivatives. 6. As regards the contention recorded in paragraph 4(a) above, it has been stated on instructions on behalf of the Respondents that it appears that the Petitioner has not interpreted the impugned circulars correctly. Since the Petitioner is a Trading Member (and not a depository participant), the Petitioner does no....

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....n furtherance of the said e-mail dated 13th January 2025 issued by Respondent No. 1, Respondent Nos. 2, 3 and 4 have also issued a circular dated 16th January 2025 bearing reference no. NSE/ISC/66165, a circular dated 20th January 2025 bearing reference no. NCL/CMPT/66212 and Notice dated 16th January 2025 bearing reference No. 20250116-37 respectively to the same effect. With the issuance of this....