New Delhi, April 05: The Supreme Court today dismissed the petition of MCX challenging an order of Bombay High Court which had refused to stay CERC circular stopping speculative trading in power sector in the form of derivatives without the electricity regulator’s nod.
A bench comprising Justice G S Singhvi and Justice B S Chauhan dismissed the petition of Multi Commodity Exchange of India (MCX) after observing that the High Court was still hearing the matter.
The court also said the matter was listed before the High Court for hearing today also.
The Court’s direction came on a petition filed by MCX seeking a stay over CERC directives to have its clearance for any kind of forward trading in power sector.
MCX had earlier challenged CERC’s January 20, 2010, regulation before the Bombay High Court which however declined to grant any interim stay over it.
–Agencies