(1.) The Petitioner(original Applicant constituent) has challenged the award of sole arbitrator dated 10 th October, 2008 passed in the matter of arbitration and bye laws, Rules and Regulations of National Stock Exchange of India Ltd.( for short "NSE).
(2.) The Respondent is a limited company formed and registered under the provisions of Companies Act, 1956 doing the business of financial services. It provides services including DEMAT Account services with Share Broking/Trading Services(On line as well as conventional). The Respondent is a trading member of the NSE. The Petitioner is a registered customer and/or client and entered into the relevant agreement for doing trading business on NSE.
(3.) As there arose dispute, based upon the bye laws, Rules and Regulations, & the letters issued, the arbitration department of NSE appointed the arbitrator amongst the panels with them. There was no question of appointment of arbitrator by consent of the parties, in view of the specific bye laws and the agreement. The parties are therefore bound by such appointment and accordingly appeared before the arbitral tribunal. The arbitration proceedings conducted by following the due procedure of law and ultimately culminated into the impugned award.