Mumbai, Dec 23 (TIWN) The Securities and Appellate Tribunal (SAT) on Monday issued a notice to the Securities and Exchange Board of India (SEBI) in an appeal filed by 63 moons technologies limited against the formers order in the STP Gate matter.

It may be noted that SEBI, on December 3, 2020 has passed an order rejecting the approval for providing STP Gate Services to 63 moons on the basis of ‘Fit & Proper’ order that was passed by FMC seven years ago. As the Order is yet to take effect, the SAT saw no need to consider staying the SEBI order at this stage.  The Tribunal has questioned the SEBI’s rationale on considering the amendment that was passed in 2018 as the basis for rejecting an application for approval that was made in 2016. The Tribunal also wondered as to how long can a person be construed as “Not Fit & Proper” as the order under challenge was based on an FMC order that was passed seven years ago.