In Brief
The Supreme Court granted interim relief in a dispute between SEBI and IL & FS Securities Services Ltd concerning unpaid F & O (Futures and Options) Segment contracts and securities held as collateral. The Court directed the National Securities Clearing Corporation to honour matured contracts while protecting all parties' rights. The Court deferred the substantive question of whether SEBI and the Securities Appellate Tribunal have jurisdiction over such matters, leaving it for final hearing while safeguarding the interests of investors whose mutual funds were pledged as security.
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