JUDGMENT :

A.M. KHANWILKAR, J.

1. These appeals under Section 22F of the Securities Contracts (Regulation) Act, 1956 [for short “the 1956 Act”] take exception to the judgment and order passed by the Securities Appellate Tribunal at Mumbai [for short “the Tribunal”] in Appeal No. 84 of 2009 dated 13.01.2009 and in Appeal No. 118 of 2015 dated 04.06.2019.

CIVIL APPEAL NO. 2690 OF 2009

2. In this appeal, the appellant challenges the judgment/order dated 13.01.2009 of the Tribunal wherein it had upheld the order of expulsion against the appellant, from the membership of the National Stock Exchange of India Limited [for short “NSE” or “the Exchange” as the case may be] Respondent No. 1. The said order was passed in the aftermath of the withdrawal of trading facilities of the appellant on 13.10.1997 and consequent closing out of all outstanding positions on 14.10.1997 by the National Securities Clearing Corporation Limited [for short “NSCCL” or “Clearing Corporation” as the case may be] Respondent No. 2.

3. The appellant herein, desirous of functioning as a stock broker in the stock market, registered itself as a Trading Member with NSE/Exchange in November, 1994. As a precondition of such