NETWORTH STOCK BROKING LTD Vs. MADHAVA RAO NADELLA

JUDGEMENT

(1.) The petitioner has invoked section 9 of the Arbitration and Conciliation Act, 1996 (for short, the Arbitration Act) with basic prayers against the respondents to furnish/ to secure the amount pending the Arbitration proceedings and also for appropriate protective reliefs for the value of a sum of Rs. 1,16,82,988.65.

(2.) The petitioner is a corporate share and stock broker having registration of the National Stock Exchange (NSE) and the Securities and Exchange Board of India (SEBI) and also trading member of the Bombay Stock Exchange (BSE). The petitioner has about 185 branches throughout the India. The petitioner is a listed company on the Bombay Stock Exchange Ltd.

(3.) The respondent has executed a Member-Client agreement and become constituent of the petitioner. In view of this agreement, the parties are entitled to do the business of buying and/or selling and/or dealing in securities and trading in F and O segment (carry forward of positions in Future Stocks, index, intra-day trading etc.) through the petitioner on the NSE. The respondents have accordingly executed an agreement and signed the KYC form which provides various details and Arbitration clause 18/19/23, which are as under :