Megha Anil Udar And Others vs Securities And Exchange Board Of India And Others

Tarun Agarwala, Presiding Officer

We have heard the learned counsel for the parties. The present appeal has been filed against the order dated February 04, 2021 by which the review application of the appellants have been rejected on the Securities and Exchange Board of India Complaints Redress System ("SCORES") platform by a reasoned order. An exemption application has been filed praying for exemption to file the certified copy of the order. The exemption application is allowed.

Having heard the learned counsel for the appellants, we find that the appellant has prayed for the following reliefs:-

"6. In view of the aforesaid facts and submissions, it is most respectfully prayed that this Hon'ble Tribunal may graciously be pleased to:-

(a) Set aside the impugned order dated 4.2.2021 of the Respondent no. 1.

(b) Hold that all the three Respondents have neither protected nor safeguarded the interests of the Appellants and that they deprived the Appellants of their right to impartial enquiries and that they violated relevant Rules and Regulations and committed deficiency in service.

(c) Direct the Respondent nos. 1 & 2 to annul the transfer of shares from the Demat account of the Appellants based on DIS no. 749163 on 28.2.2020 and to retransfer those shares back to the account of the Appellants.

(d) Award a lump sum compensation to the Appellants to defray the expenses incurred by them in earlier attempts at redressal of these grievances and to compensate them for the mental anguish, emotional pain and harassment inflicted on them by the Respondents.

(e) Award the cost of litigation in favour of the Appellants against the Respondents herein.

(f) Pass such further and other orders as this Honb'le Tribunal may deem fit in its wisdom."

The authority while disposing of the review application found that the transaction executed from the demat account of the appellants were done through Delivery Instruction Slips (DIS). The fact that the broker of the appellants had misrepresented the appellants and had executed certain transactions without the appellants authority becomes a personal dispute between the appellants and his broker and thus such commercial dispute cannot be adjudicated on the SCORES platform.

Consequently, we do not find any manifest error in the disposal of the complaint made by the respondents on the SCORES platform. The appeal fails and is dismissed with no order as to costs.

The present matter was heard through video conference due to Covid-19 pandemic. At this stage it is not possible to sign a copy of this order nor a certified copy of this order could be issued by the Registry. In these circumstances, this order will be digitally signed by the Private Secretary on behalf of the bench and all concerned parties are directed to act on the digitally signed copy of this order. Parties will act on production of a digitally signed copy sent by fax and/or email.