2025 (1) TMI 1155

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....dent 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 Associates, Advocates. For the Responde....

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....nt 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 its business; and (b) Each of the Petitioners' clie....

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.... 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 not need a DP license. The impugned circulars do not mandate the ....

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....y 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 clarification by Respondent No. 1 and the aforementioned circula....