SECURITIES AND EXCHANGE BOARD OF INDIA Vs. MCX STOCK EXCHANGE LTD

LAWS(SC)-2012-4-70

SUPREME COURT OF INDIA

Decided on April 11,2012

SECURITIES AND EXCHANGE BOARD OF INDIA Appellant

VERSUS

MCX Stock Exchange Ltd. and Ors. Respondents

JUDGEMENT

- (1.) HEARD .
(2.) TAKEN on Board. Heard Mr. Ghulam E. Vahanvati, learned Attorney General, appearing for the Petitioner, and Mr. Harish N. Salve, Mr. Mukul Rohtagi, and Mr. Ranjit Kumar, learned senior counsel appearing for Respondent Nos. 1, 3 and 2 respectively. As agreed by all the parties, this special leave petition is disposed of in the following consent terms: (1) The Petitioner, the Securities and Exchange Board of India, shall amend its Securities Contracts (Regulation) (Manner of Increasing and Maintaining Public Shareholding in Recognized Stock Exchanges) Regulations, 2006, (2006) 6 Comp LJ 105 (St.). and examine the application filed by Respondent No. 1 in light of the amended Regulations but not being bound by the findings of the High Court recorded in the impugned judgment in regard to: (i) the illegality of the buyback agreements under Section , read with Section of the Securities Contracts (Regulations) Act, 1956, and the notification dated 1 March, 2000, and (ii) Respondents 2 and 3 not being 'persons acting in concert' within the meaning of Regulation 8 of the Regulations. (2) The Petitioner shall pass a final order on the application filed by Respondent No. 1 within three months from today. (3) It is needless to say, in making amendments in the Regulation, the Petitioner shall not be bound by any observations or comments made by the High Court in the impugned judgment. ;

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