The Bombay High Court recently came out with a decisive ruling in favour of stock exchange MCX-SX and Sebi's denial of a full licence to operate as an exchange. The ruling needs to be seen not just in the context of the competitive landscape of exchanges that has been improved in a single stroke, but should be welcomed by all investors and companies in India as it brings positive certainty for investment contracts. It puts to virtual rest a quixotic 40-year-old circular that has rarely been analysed in detail by a court of law.