ANGEL BROKING PRIVATE LIMITED Vs. PURNIMA SARVESH

JUDGEMENT

(1.) Challenge has been made against the impugned Award passed by the Arbitral Tribunal dated 15.09.2017.

(2.) Brief facts leading to filing of this Original Petition is as follows :

(3.) The issue was taken up by the claimant with the respondent and a meeting was held with the Respondent and Sub broker to which it was clearly set out that trades would be carried only to the extent of the maximum fixed limit of 2000 shares on inter-day basis for trades and the same stood acknowledged and accepted by the sub broker acting on behalf of the respondent vide his message on 12.12.2016 documenting the above arrangement and provided assurance of the same. On 11.01.2017, she had received messages, just prior to closing of the Market, the outstanding amount towards margin in respect of certain trades, which were not authorized by the Claimant. The claimant had noticed that 54000 shares were traded without any prior consent or authorization by the respondent, which was far in excess of the limit agreed. The said unauthorized trade had resulted in a net loss of Rs.51,00,760.19 to the Claimant and also the respondent debited from the Claimant's account to an extent of Rs.73,326.10 towards other charges. Immediately, the Claimant made a call to the Sub broker acting on behalf of the respondent and demanded an explanation for the same. As he gave evasive reply, the Claimant raised the dispute to the Investor Grievance Cell and the IGRP has taken the complaint on record and issued notice to the respondent on 13.01.2017. The IGRP panel after considering the submissions of the respective parties along with the evidence placed before it held that the respondent is liable for the unauthorised trade performed on 11.01.2017 and further admitted the claim of Rs.51,74,006.19 in favour of the claimant vide its Order dated 07.02.2017.