Sandeep Kishore vs National Stock Exchange Of India Limited

Tarun Agarwala, Presiding Officer

The appellant filed a claim under the Investor Protection Fund before the Members and Core Settlement Guarantee Fund Committee (“Committee” for convenience) of the National Stock Exchange of India Limited (“NSEIL” for convenience) which was rejected by an order dated November 01, 2022.

The Committee found that the amount payable by the claimant i.e. appellant was higher than the amount to be received by him from Anugrah Stock & Broking Pvt. Ltd. (“Anugrah”). Since there was a negative balance in the ledger account of Anugrah, the claim was found to be inadmissible and accordingly the claim petition was rejected.

It was urged by the learned counsel for the appellant that certain trades executed by Anugrah were unauthorized and therefore such trades cannot be taken into consideration.

We are of the opinion, that disputed trades cannot be considered by the Committee. This is an internal dispute between the appellant and the broker for which the remedy lies elsewhere. The claim application was rightly rejected by the Committee.

The appeal fails and is dismissed. Misc. Application is disposed of accordingly.

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. Certified copy of this order is also available from the Registry on payment of usual charges.