Mr. Vasant Bissa vs Sebi

Order Reserved on: 18.1.2021 Date of Decision:21.1.2021

Misc. Application No.584 of 2020 And Appeal No.29 of 2021

Mr. Vasant Bissa 3rd Floor, Latiyal Bhavan, Pandit Solicitor Road, Malad (E), Mumbai - 400097. ...Appellant

Versus

1.

National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra East, Mumbai - 400051.

2. Action Financial Services (India) Ltd. 11 to 15, Rajgir Chambers, 6th Floor, 12/14 Shahid Bhagat Singh Road, Fort, Mumbai-400001.

3. Yes Bank Ltd., Yes Bank Tower, ONE International Center, Tower II 15th Floor, Senapati Bapat Marg, Elphinstone (W), Mumbai, MH 400013, IN

4. Securities and Exchange Board of India SEBI Bhavan, C-4A, G-Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051. ...Respondents 2

Ms. Rinku Valanju, Advocate with Mr. Pratham Masurekar and Mr. Aditya Shah, Advocates i/b. Pratham Masurekar for the Appellant.

Mr. Vishal Kanade, Advocate with Mr. Sachin Chandarana, Mr. Rashid Boatwalla and Mr. Pruthvi Dhinoja, Advocates i/b. Manilal Kher Ambalal & Co. for the Respondent no.1.

Mr. Anubhav Ghosh, Advocate with Mr. Ravishekhar Pandey, Advocate i/b. The Law Point for the Respondent no.4.

CORAM: Justice Tarun Agarwala, Presiding Officer Dr. C.K.G. Nair, Member Justice M.T. Joshi, Judicial Member

Per : Justice Tarun Agarwala, Presiding Officer

1. The appellant is aggrieved by the communication

dated 6th November, 2020 issued by the respondent

no.1 National Stock Exchange of India Ltd.

(hereinafter referred to as 'NSE') intimating its

inability to refer the complaint to Investor Grievance

Redressal Committee (IGRC) in view of the circular

dated 1st July, 2020 issued by Securities and Exchange

Board of India (hereinafter referred to as 'SEBI').

2. The facts leading to the filing of the appeal is that a

dispute arose between the appellant and its broker

since the dues were not settled. A complaint was made 3

by the appellant on 30th September, 2020 directing the

stock exchange to refer the complaint to IGRC. This

was not done by the impugned communication and

consequently the present appeal.

3. Having heard the learned counsel for the parties, we

are of the opinion that the controversy involved in the

present appeal is squarely covered by a decision of this

Tribunal dated 19th January, 2021 in appeal no.288 of

2020 Rakesh Bhatia and Ors. vs. National Stock

Exchange of India Ltd.& Ors. and other connected

appeals.

4. We are further of the opinion that in the instant case

the broker had voluntarily disabled its trading terminal

on 18th September, 2020. Such voluntary disablement

is covered under para 7 of the circular dated 1st July,

2020.

5. In the light of the aforesaid, the relief sought by the

appellant cannot be granted. The appeal is disposed of

with a direction that it is open to the appellant to file a

claim petition under the bye-laws of the stock 4

exchange. Misc. Application no.584 of 2020 is also

disposed of accordingly. In the circumstances of the

case there shall be no order as to costs.

6. 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.

Justice Tarun Agarwala RAJALAKS Digitally signed by RAJALAKSHMI Presiding Officer HMI H H NAIR Date: 2021.01.24 NAIR 19:59:03 +05'30' Dr. C.K.G. Nair Member

Justice M.T. Joshi Judicial Member

21.1.2021 RHN