SAT keeps Sebi order on 63 Moons STP Gate services case in abeyance

63 Moons Technologies on Monday said the Securities Appellate Tribunal(SAT) has reserved its judgement on the Sebi order disallowing the firm from providing STP (straight through processing) Gate services.

The company had challenged the Securities and Exchange Board of India(Sebi) order which said 63 Moons Technologies, promoted by the NSEL scam-accused Jignesh Shah is not ‘fit and proper’ to provide software services to market intermediaries.

While passing the order the tribunal has kept the Sebi order in abeyance.

63 Moons Technologies provide STP software solutions and ODIN trading software across the securities market. The company, formerly known as Financial Technologies India(FTIL) provides STP services to 300 brokers, 15 custodians and 170 fund houses.

Last year on December 3, Sebi had denied approval to 63 Moons Technologies on the basis of ‘fit and proper’ order that was passed by former commodities market regulator Forward Markets Commission(FMC) seven years ago.