PAWANKUMAR PARMESHWARLAL CHOUDHARY Vs. BOMBAY STOCK EXCHANGE

JUDGEMENT

(1.) STATEMENT of turnover of Stock Exchange Brokers shows that the Petitioner has transacted business in a sum of Rs.77,63,81,130/- for the financial year 1996-97. Petitioner, therefore, cannot be termed as a Small Stock Exchange Broker as professed by him in the Petition. It is undisputed that on a suggestion being made by the Petitioner to the Second Respondent-Board, the later has agreed to accept fixed deposit receipts in place of bank guarantee. The Rules and Bye laws of the functioning of the Bombay Stock Exchange is an internal matter which is regulated by the Security and Exchange Board of India. It will, therefore, be improper for the Courts to interfere. Rejected.