63 moons to challenge SEBI order on STP Gate Services

63 moons technologies limited expresses disbelief at the SEBI order dated December3, 2020 rejecting the approval for providing STP Gate Services on the basis of 'Fit & Proper' order passed by FMC seven years ago.

The "Fit and Proper" order passed against 63 moons in 2014 specifically deals with barring persons or entities from holding equity stake in any exchange platform and has no bearing on providing technology services. It has been almost seven years since the order of Fit and Proper has been passed and has already been challenged by 63 moons in the court of law. The matter is therefore sub judice.

The latest order of SEBI is with regards to STP gate service only and it has nothing to do with any other technology services by the group.

Since 2003 till date, 63 moons' technology has been the prioneer and No1 as well as most stable and credible technology service provider for all segments of market. While it holds more than 75% market share in all segments including its service offerings to MCX and MSEI, it has the distinction of having 97% market share in STP gate.

In the backdrop of NSE withdrawing its trading platform 'NOW', 63 moons' ODIN remains the best solution available across multiple asset class in the market. In this condition, the intention of SEBI's present order is unexplainable.

SEBI coming out with such an order after over seven years, especially when the issue of Fit & Proper is still sub judice will be disturbing the smooth functioning of the market. The timing and intent of the SEBI order is totally in contradiction to the purpose for which SEBI exists i.e. for fair & transparent regulation and growth and stability of market.

The management of 63 moons is completely professional, having eminent Administrators, Judges, Bankers etc on its board. It is run with high standard of Governance as envisaged in the rule book. Allegation of undue influence of Promoter is unfounded and is to be dismissed.

63 moons has always had utmost faith in the judiciary and will be taking appropriate legal action in the higher judiciary forum.

Shares of 63 Moons Technologies Ltd was last trading in BSE at Rs.85.35 as compared to the previous close of Rs. 89.8. The total number of shares traded during the day was 28000 in over 249 trades.

The stock hit an intraday high of Rs. 89.5 and intraday low of 85.35. The net turnover during the day was Rs. 2391789.

Source : Equity Bulls

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