VINOD KUMAR SHARMA Vs. YES SECURITIES (INDIA)

JUDGEMENT

(1.) By this petition filed under sec. 34 of the Arbitration and Conciliation Act, 1996, the petitioner has impugned the arbitral award dtd. 18/1/2017 passed by the Appellate Panel of Arbitrators allowing the appeal filed by the respondent and set aside the arbitral award dtd. 22/9/2016 passed by the Arbitral Tribunal directing the respondent to pay to the petitioner a sum of Rs.54,68,063.00 with interest. Some of the relevant facts for the purpose of deciding this petition are as under:-

(2.) The petitioner was the original applicant whereas the respondent herein was the original respondent before the Arbitral Tribunal. The petitioner was the original respondent before the Appellate Panel of Arbitrators whereas the respondent herein was the appellant before the said Appellate Panel of Arbitrators.

(3.) The respondent is a stock broker registered with Securities and Exchange Board of India and a trading member of National Stock Exchange of India Limited. On or about August, 2015, the petitioner approached the respondent to open a 3-in-1 account with the respondent by placing an online request to the respondent. The petitioner signed the necessary documents for opening of 3-in-1 on 8/10/2015 and submitted those documents to the respondent. It is the case of the respondent that once the said trading account was opened by the petitioner, the petitioner was eligible for trading facilities such as delivery trades, F&O, intra-day trading, etc. According to the respondent, the petitioner was explained, the risk involved in the product. The trading in the account of the petitioner was done between 17/11/2015 and 11/2/2016.