MAHESH RATILAL SHAH Vs. UNION OF INDIA

JUDGEMENT

(1.) IN Writ Petition (Lodging) No. 429 of 2006, the Petitioner, who is a sub broker, invokes the jurisdiction of this Court under Article 226 of the Constitution of India, praying that a writ, order or direction be issued to Respondent Nos. 1 and 2 to withdraw recognition of Bombay Stock Exchange due to non -compliance of conditions precedent for recognition as provided under Sections 4 and 9 of the Securities Contract (Regulation) Act, 1956, and further that Securities Exchange Board of India should cancel the registration of 90 members of the Stock Exchange due to their fraudulent act of inducement of forged scrip transactions in a Company called Presto Finance. The other prayers are incidental to these main prayers.

(2.) HOWEVER , during the course of his arguments the learned Counsel appearing for the Petitioners prays that this Court should issue a writ or direction declaring rules, bye -laws and regulations of Bombay Stock Exchange as illegal, void and ultra vires the parent Act and the Constitution of India.

(3.) THE market regulator has taken steps in the matter of individual transactions. The remedy of the Petitioner, who is aggrieved by the acts of the Directors of the company in question as well as its directors, is to approach an appropriate civil court and also to initiate criminal prosecution, if he is of the view that investing public at large is cheated and offences punishable under penal laws have been committed.