MANJULA ARVIND THAKKAR Vs. SHAREKHAN LIMITED

JUDGEMENT

(1.) The Petitioner has challenged Award dated 10 February 2010 passed by the Arbitral Tribunal constituted in the matter of arbitration under the Bye laws, Rules and Regulations of National Stock Exchange of India Limited (NSE).

(2.) The Petitioner is the client of the Respondent who is a member of NSE and also a member of Bombay Stock Exchange (BSE). The Petitioner has entered into a broker client agreement along with other necessary documents and accordingly a client code was allotted. The Petitioner permitted the Respondent to send contract notes in digital format and for that provided the email ID. As per this agreement, the Respondent undertakes to do trading on behalf of the Petitioner and need to inform about the transactions through the contract notes. The Petitioner agreed to collect the contract notes and in case of non collection, the Respondent was permitted to dispatch the same, apart from sending in digital form. There is no dispute with regard to the agreement terms. Additionally, the Petitioner along with husband, son and daughter in law also signed a "group adjustment letter".

(3.) The Petitioner was holding certain shares in her DP account and had provided the shares as margin for trades to be carried out under her instructions. The case was that the un authorised trades resulted in a loss of Rs. 9,37,568/ . The Respondent also wrongfully disposed of her holding of Rs.23,51,844/ . Therefore made a claim of Rs. 32,89,412/ with 18% interest per annum.