On December 3, Sebi said that 63 Moons has been offering STP services without its approval and allowed the company to provide such services for three more months to clients in order to avoid any possible disruptions for securities market participants.
Generally, financial firms use STP to pass information electronically in order to optimise the speed at which they process transactions. This eliminates the need for a hands-on re-entry of data that has already been completed at the source.
The watchdog’s directions were part of an order wherein it rejected 63 Moons’ application seeking renewal of approval to provide STP services on the basis of ‘fit and proper’ criteria.
In a statement, the company said the tribunal on Monday issued a notice to Sebi in the appeal filed against the regulator’s order in the STP Gate matter.
“Expediting the issue, the tribunal has kept the matter for final hearing and disposal on January 29, 2021,” the statement added.
63 Moons was earlier known as Financial Technologies (India) Ltd (FTIL).
