Securities And Exchange Board Of India vs Il And Fs Securities Services Ltd.

The Supreme Court granted permission to appeal in the matter concerning the Securities and Exchange Board of India (SEBI) and IL & FS Securities Services Ltd. The Court issued interim directions allowing the National Security Clearing Corporation Limited to honor a matured F&O segment contract while vacating a prior interim order, clarifying that payments are subject to the final outcome. The Court also provided options for certain companies to convert or encash mutual funds as security, with the proceeds to be deposited in a nationalized bank, leaving jurisdictional questions open for final hearing.