Sebi has sought a clarification from the BSE on the no-objection certificate given by the exchange to the Rs 24,713-crore deal between the Future group and RIL.

The BSE had given the clearance on November 6.

The market regulator’s move comes at a time the Future Group and Amazon are locked in a legal battle after the US-based retailing giant took Future Retail into an emergency arbitration over alleged breach of contract.

In October, the Singapore International Arbitration Centre (SIAC) had passed an interim order in favour of Amazon barring Future Retail from taking any step to dispose of or encumber its assets to secure funding from a restricted party.

Subsequently, Amazon had written to Sebi, the stock exchanges and the Competition Commission of India, urging them to take into consideration the SIAC’s interim decision. It had also asked Sebi to investigate FRL for alleged insider trading

Amazon had agreed to purchase 49 per cent of Future Coupons with the right to buy into FRL after a period of three to 10 years.

Future Coupons holds 7.3 per cent equity in FRL.

In August, Reliance Retail Ventures Ltd (RRVL), a subsidiary of Reliance Industries ahad entered into a deal with the Future group to acquire the retail and wholesale business and the logistics and warehousing business as a going concern on a slump sale basis for lumpsum aggregate consideration of Rs 24,713 crore.

FRL had recently disclosed that it is received a communication that the SIAC Court is prima facie satisfied that under Rule 28.1 of the SIAC Rules 2016, the arbitration will proceed and following this an arbitrary tribunal would be constituted in the matter.