Ms. Pragna Desai vs National Stock Exchange of India Ltd.

Pragna Desai, J.—Heard Shri Andhyarujina for the petitioner and Shri Rambhadran for the respondent.

This petition seeks a direction against the respondent-Stock Exchange to release the amount to which the petitioner is entitled according to the petitioner, on the basis of an award which is given by the arbitrator appointed by the National Stock Exchange against one M/s. Century Consultants Ltd. The petitioner prays that the amount be released from Investors Protection Fund and challenges the letter/order dated April 30, 2003, sent by respondent No. 1 declining to do the needful.

Shri Andhyarujina submits that Investors Protection Fund of the Stock Exchange is meant for protecting the small investors and the petitioner is one such investor and that in view of the award, the money due to this defaulting member be made over to the petitioner.

Shri Rambhadran, learned Counsel appearing for the respondent-Stock Exchange on the other hand states that what the Stock Exchange has done by its letter dated April 30, 2003, is to seek certain information from the petitioner, which the petitioner has not supplied. That apart, the proper remedy for the petitioner will be to move for execution of the award by making necessary application under the relevant statute. A writ petition is not a proper remedy. Petition is rejected.