India: CCI gains backing for stock exchange ruling

An appellate court in India has supported the Competition Commission of India and it’s earlier ruling that found the National Stock Exchange guilty of abusing its market dominance, say reports.

The Competition Appellate Tribunal on Tuesday upheld the CCI’s decision, reached in June 2011. Fines were imposed on the NSE after the CCI found the stock exchange guilty of “abusing its dominant position in the currency derivative market by cross subsidizing this segment of business from other segments where it enjoyed virtual monopoly.

The ruling was the result of a competition complaint filed by NSE rival MCX Stock Exchange in 2009; the competitor accused NST of unfairly waiving transaction fees on currency derivatives, say reports.

The NSE has said it will again appeal the appellate court’s backing of the CCI.

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