RUSODAY SECURITIES LTD. vs NATIONAL STOCK EXCHANGE OF INDIA LTD

The appellant, Rusoday Securities Ltd., challenged the judgment of the Securities Appellate Tribunal (SAT) which upheld its expulsion from the membership of the National Stock Exchange of India Ltd. (NSE). The expulsion followed the withdrawal of trading facilities and the closing out of outstanding positions by the National Securities Clearing Corporation Ltd. The case centers on the appellant's failure to comply with the undertakings and regulations agreed upon during its registration as a Trading Member in 1994.