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TMI Blog2019 (2) TMI 2121X X X X Extracts X X X X X X X X Extracts X X X X ..... yment of 1% was not paid. observation/opinion of the Investor Grievance Redressal Committee wherein petitioner has not kept the margin money over and above the locked amount and it will not be able to trade - whether such an opinion is amenable to be examined under the writ jurisdiction of this Court. Even assuming that it is so amenable, obviously we cannot examine it exercising appellate powers. HED THAT:- In the present case, the Committee has considered the case put up by both the petitioner as well as the respondent no.2 and has found that the trading member was aware of the arrangement. The Committee consists of experts in the trade. After giving an opportunity to both sides, the Committee has given a detail opinion based on their exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t securing the amount and the margin money. We are not inclined to exercise our extraordinary writ jurisdiction. The Writ Petition is accordingly rejected. - NARESH H. PATIL, C.J. AND N.M. JAMDAR, J. For the Appellant : Mr. Sharan Jagtiani a/w. Mr. Dharmesh Jumani, Mr. Anant Joshi Mr. Rickin Dang I/b. Ganesh co. For the Respondent : Dr. Birendra Saraf a/w. Mr. Ranjeev Carvelho a/w. Sachin Chandarana a/w. Vijayendra Purohit a/w. Pranjal Krishna I/b. M/s. Manilal Kher Ambalal co. ORDER P.C. The petitioner is a trading member with the respondent-National Stock Exchange of India Ltd. Respondent No. 2-investor had made a complaint to the National Stock Exchange against the petitioner. The Grievance Committee of the Stock Exchange found merit i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall, release the blocked amount to the investor after the aforementioned 7 days. In case, the Member opts for arbitration and the claim value admissible to the investor is not more than Rs. 10 lac, there is a further procedure to be undertaken by the Stock Exchange. The Circular has placed responsibility on the trading member to opt for arbitration after the opinion is referred by the Investor Grievance Redressal Committee. 3. The petitioner is carrying out activities of trading in shares, and is also registered stock broker. The respondent no. 2 registered himself as a client of the petitioner. A client registration form was executed. The respondent no. 2 started buying and selling of the shares through petitioner s Authorised Person, on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned Counsel appearing for the petitioner and Dr. Birendra Saraf, the learned Counsel appearing for respondent no. 1. 6. Mr. Sharan Jagtiani, the learned Counsel appearing for the petitioner submitted that the order of the Committee is erroneous, arbitrary. He submitted that though it is styled as an opinion, it is an order passed upon which punitive action is being taken by the respondent no. 1- National Stock Exchange. He submitted, referring to the terms of his agreement with respondent no. 2 that the petitioner was clearly not responsible to any eventuality as the present one. He contended that Committee has proceeded on the assumption in most summary manner. Mr. Jagtiani submitted that based on the observations, respondent Stock Exc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing member was aware of the arrangement. The Committee consists of experts in the trade. After giving an opportunity to both sides, the Committee has given a detail opinion based on their expertise and the material that the claim made against the petitioner is an admissible claim. They have found, based on their experience, that it is not possible that the petitioner, an experienced trader, would not know of the transaction. It is not possible for us to further dissect this opinion to hold that the opinion is incorrect. The Committee members are fully aware as to how day to day transactions are carried out on the Stock Exchange. 10. The petitioner being a member of the Stock Exchange is covered by the Circular of 2013. This methodology is o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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