Appeal in HC aginst share-broker(not sending report&uninformed;)

No relief received at NSE arbitral and appeal stage. Broker had violated rules by not sending daily margin reports and squared up open derivative trade positions without informing. Have to appeal at HC within three months. NSE-Appellate order received in August-15 beginning. What can I do now? How to proceed?

Answers (1)

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What is the reason for the NSE denying your relief?

The NSE is required to constitute an arbitral tribunal under the provisions of this Act however the statute itself is in the nature of a contract. Therefore, the award can be challenged on the ground of being opposed to public policy if the award of the tribuanl is perverse.

Further, an arbitral award may be challenged under Section 34 of the Arbitration Act by a petition made to the High Court. File your challenge to set aside the award within the limitation period provided as the courts are reluctant to grant relief in such cases after the period of limitation has elapsed. You may set up several grounds based on the reasons (or lack thereof) given by the arbitral tribunal.

Feel free to get in touch if we could be of any further assistance.

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