SAT issues notice to IT company 63 Moons for renewal of straight-through processing (STP) service

In a case relating to renewal of straight-through processing (STP) service provided by IT company 63 Moons, the securities and appellate tribunal (SAT) has issued a notice to markets regulator SEBI. SAT has fixed January 29, 2021 as the date for final hearing and disposal of the matter.

 On December 3, SEBI had passed an order rejecting the approval for providing STP gate services to 63 Moons on the basis of fit & proper order that was passed by FMC 7 years ago. Since the order was yet to take effect, SAT did apply a stay on it.

STP is an important technology for faster trading in stock markets.