JUDGMENT :

Bharati Dangre, J.

1. A significant and axial issue involved in the two writ petitions before us revolve around the National Spot Exchange Limited (NSEL) and the parties are diversificated on the issue as to whether the said establishment is a Financial Establishment or not, and whether it has accepted the deposits.

Both the Writ Petitions are filed by the petitioner which is a listed Company registered under the Companies Act, engaged in the business of developing and selling technology products of facilitating trading on exchanges such as stock exchange and commodity exchange and it claims to have more than 63,000 shareholders and more than 800 employees. The petitioner claims to be a leader in Financial Technologies market and has developed a software by name “ODIN” and it is claimed that this software has provided a platform for online trading and it is claimed by the petitioner that it has become a market leader due to its effort and determination.

2. The petitioner has posed a challenge to the Constitutional validity of Sections 4 and 5 of the Maharashtra Protectio