ANGEL BRAKING LIMITED Vs. S.X.J. VASAN

JUDGEMENT

(1.) Aggrieved over the Order of the Arbitrator of National Stock Exchange of India Limited, the present Original Petition has been filed.

(2.) Brief facts leading to filing of this petition is as follows : The respondent is a client of the petitioner for trading in the securities market through the petitioner from August, 2013. The respondent opened a trading and demat account with the petitioner. Since the respondent failed to eliminate the deficit despite several requests, respondent has filed a complaint for referring the claim of Rs.44,78,899.00 before Investor Grievance Redressal Forum of NSE [IGRC] and the IGRC, which is a Conciliatory Forum of the Exchange, held that the claim to the tune of Rs.16,84,600.00 was admissible. As against which arbitration proceedings were conducted by the respondent. The arbitrator has confirmed the Order of IGRC against which, the present petition has been filed under sec. 34 of the Arbitration and Conciliation Act.

(3.) Heard both sides.