Supreme Court sets aside NSEL merger with 63 Moon Technologies [Read Judgment]

Bar & Bench April 30 2019

The Supreme Court today set aside the Union Government's decision to merge National Spot Exchange Ltd (NSEL)  with Financial Technologies India Ltd (FTIL), now 63 Moon Technologies Ltd.

NSEL, which was promoted by the then FTIL, shut down in 2013 after a major payment default. NSEL has since been ordered not to enter into any fresh contracts by the Forward Markets Commission (FMC), which has since been integrated into the Securities and Exchange Board of India (SEBI).

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