INDIABULLS SECURITIES LTD. Vs. SURESH N. PATEL

JUDGEMENT

(1.) HEARD finally by consent. The petitioner has invoked section 34 of the Arbitration and Conciliation Act (for short "the Arbitration Act") and thereby challenge is made to the arbitral award passed by the arbitrators in the matter of arbitration and rules and regulations of National Stock Exchange (NSE). The arbitral tribunal considering the transactions between the parties and material placed on record held that :

(2.) THE learned arbitrator has passed the award in following terms:

(3.) THE learned counsel appearing for the respondent relied on clause 5.9 (g) of NSE regulations, which is as under: