Philomena Helen Dsouza vs Sebi
- CitationAppeal No.251 of 2023
Ratio decidendi
The rule this decision rests on
Where a claimant disputes a debit balance in the ledger of a stock exchange member, the claimant bears the burden of adducing evidence to show the ledger entry is incorrect; absent such evidence, the debit balance stands. Disputed trades are not a matter that the arbitration committee can adjudicate, so a claim resting on such disputed trades cannot succeed before that committee.
Written by Miss Lucy from the judgment below, not taken from a headnote.
Judgment
As delivered
Date of Decision: 1.5.2023
Appeal No.251 of 2023
Philomena Helen Dsouza C 10, Diamond Estates, CST Road, Kalina, Santacruz East, Mumbai -400098. ...Appellant
Versus
National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051. ...Respondent Mr. Kamal Agrawal for the Appellant.
CORAM: Justice Tarun Agarwala, Presiding Officer Ms. Meera Swarup, Technical Member
Per: Justice Tarun Agarwala, Presiding Officer (Oral)
1.
The present appeal has been against the order dated
20th February, 2023 wherein the claim of the appellant
has been rejected.
2. We have heard the learned counsel for the parties.
From a perusal of the impugned order, we find that there
was a debit balance against the claimant to the tune of 2
Rs.7,72,620 whereas according to the appellant there
should have been a credit balance of Rs.16,63,216.92.
No evidence has been filed to show that the debit balance
as indicated in the ledger was incorrect.
3. In Sandeep Kishore & Sons HUF v. SEBI, Appeal
no.62 of 2023 decided on 18th January, 2023, we held
that disputed trades cannot be considered by the
committee. In view of the aforesaid, the appeal lacks
merit and is dismissed.
4. 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.
Justice Tarun Agarwala Presiding Officer
Ms. Meera Swarup Technical Member
RAJALA Digitally signed KSHMI by RAJALAKSHMI 2.5.2023 HARISH HARISH NAIR Date: 2023.05.10
RHN NAIR 14:48:11 +05'30'
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