MCX-SX(MCX Stock Exchange) was set up by Financial Technologies(FT) and its subsidiary MCX. Under SEBI's new regulations, ownership needed to be diversified with each entity not owning more than 5%. Obviously, the regulatory intent was for the promoters to divest their stake.
The promoters get a capital reduction scheme sanctioned by Bombay HC wherein they wipeoff 60% stake in return for equity warrants convertible at nominal rate. So, the ownership is transferred only in name. Now, SEBI cannot contest this easily on a legal footing. So they are using the weapon given to them in the SEBI Act-delay and best judgement.