MCX to seek Rs 300-400 cr damages from NSE

A day after the Competition Commission of India (CCI) imposed a penalty of Rs 55.5 crore on the National Stock Exchange after finding the bourse guilty of abusing its dominant market position, its rival MCX Stock Exchange on Friday said it’s planning to make a claim for costs and damages suffered by it due to the NSE’s “predatory” practices.

The claim is likely to be around Rs 300-400 crore which includes Rs 150 crore of losses suffered by MCX in currency derivatives (CD) business due to the NSE’s pricing policies, said a source. “Further, they would claim damages and losses for opportunity costs, legal costs and other matters from the NSE,” he said.

“We would now be consulting our legal counsel for our next course of action. We would continue to look for justice and our faith on the Indian judicial system stands vindicated,” said Dewang Neralla, co-founder, Financial Technologies India Ltd (FTIL), the promoter of MCX Stock Exchange. The CCI order follows a complaint filed by its rival MCX-SX, which had accused NSE of abusing its dominant market position to corner business in the CD segment. The NSE is also working on its strategy. (Indian Express)