Nuvama Subsidiary Wins Supreme Court Litigation

Nuvama Wealth Management Ltd announced that its wholly-owned subsidiary, Nuvama Clearing Services Limited (NCSL), has received a favorable judgment from the Hon'ble Supreme Court of India. The litigation pertained to the erstwhile professional clearing member business and involved an order from NSE Clearing Limited (NCL) directing NCSL to reinstate liquidated securities. The Supreme Court has set aside the orders of NCL and the Securities Appellate Tribunal (SAT), consequently setting aside the directions issued against NCSL. This favorable outcome resolves a long-standing material litigation for the company.