SPS SHARE BROKERS PRIVATE LIMITED Vs. NISHIT NIRMAL DOSHI AND THE NATIONAL STOCK EXCHANGE OF INDIA LTD.

JUDGEMENT

(1.) THIS petition is under Section 34 of the Arbitration and Conciliation Act, (for short "Arbitration Act"). The petitioner is challenging award dated 24th March, 2009, passed by the Sole Arbitrator under the National Stock Exchange India Ltd. (for short, "NSEI"). Admittedly, both the parties appeared before the Tribunal as per bye -laws at Delhi, as the venue/place of arbitration was at Delhi. The learned counsel, appearing for Respondent No. 1 has raised preliminary objection with regard to the jurisdiction of this Court at Mumbai to entertain this petition. The relevant clause No. 23 of Member - Client Agreement between the parties is reproduced below: -

(2.) THE petitioner also relied on clause 17 of the bye -laws of National Stock Exchange of India Ltd.

(3.) THE basic requirement is whether there is a part cause of action arose in Mumbai. In view of agreement itself, I am inclined to observe that the part of cause of action arose in Mumbai and that is sufficient for the parties to agree for such jurisdiction clause, as done in the present case. This, in my view, is valid and sufficient for the Court to proceed to entertain the section 34 petition in view of the definition of the "Court" under Section 2(1) (e) of the Arbitration and Conciliation Act. The relevant section 2(1) is reproduced below: -