KUMARAYYA, J. :-

This appeal arises out of a petition made under S. 559 of Hyderabad Civil Procedure Code to file the award dated 24th Amardad 1359 F. and make it the rule of the Court. Plaintiffs-appellants are stock, shares and finance brokers and their firm is a member of the Hyderabad Stock Exchange Ltd. The defendant-respondent who is not a member of the stock exchange had dealings with them in relation to the purchase and sale of shares in various companies.

The established course of their dealings was that the defendant would intimate to the plaintiffs either on phone or otherwise that he wished to sell or purchase certain number of shares and the plaintiffs then would send contract notes evidencing the contract thus entered into between them and obtain confirmation slips. These transactions were by express agreements made subject to the rules of the Hyderabad Stock Exchange.

At one stage, these transactions barring a few shares of two companies were adjusted up to 24th March 1946. Though the outstandings thus found were not settled the transactions thereafter continued as ever. Eventually the plaintiffs made a demand but the defendant denied his liability. Thereupon t