Exclusive: P&A Associates and client MCX-SX won an order from the Competition Commission of India (CCI) finding that the National Stock Exchange (NSE), which was represented by Amarchand Mangaldas and Vaish Associates, had abused its dominant position.

The case will head to the CCI on 2 June to allow NSE to respond on the question of penalty, but the decision significantly reduced the director general’s (DG) earlier definition of the “relevant market” in a partial victory for NSE, according to a CCI draft order that Legally India has seen.