Finsec Law Advisers has been roped in for further specialist securities regulatory advice to MCX-SX surrounding the dispute, disclosed its founder Sandeep Parekh in a blog post today.

The financial regulatory boutique was started up by former SEBI executive director Parekh earlier this year and recently also recruited as a senior associate Tejesh Chitlangi who had joined from ARA Law.

JSA partner Nitin Potdar continues to be MCX-SX’s lead partner, having won a Bombay High Court order in August against SEBI, after the regulator decided not to allow MCX to become a full-fledged stock exchange to trade equity and debt.

Naik Paranjpe & Co partner Ameet Naik is representing the stock exchange’s promoters MCX and group company FTIL in the matter, having also long been instructed in the dispute.

The High Court had directed SEBI to make a decision on whether or not to admit MCX as a full stock exchange by 30 September. SEBI was previously represented by M Mody of K. Ashar & Co and the additional solicitor general Darius Khambatta, although SEBI is understood to not yet have been served notice in the latest turn of the case.

SEBI alleges that the two promoters of MCX-SX lacked honesty and were acting in concert, together holding more than 5 per cent of shares in the exchange, which was against its norms, reported the Indian Express today.