JUDGMENT :

G.S. PATEL J.

1. The Appellant takes an exception to an order of 26th November 2018 (SC Gupte, J) in an Arbitration Petition under Section 34 of the Arbitration and Conciliation Act. The Appellant challenged the award of a sole Arbitrator in an arbitration held under the Bye-laws, Rules and Regulations of the National Stock Exchange India Ltd (“NSE”). The Claimant in arbitration was the 1st Respondent Mangal Keshav Securities Ltd (“MKSL”) a trading member of the NSE. The 2nd Respondent, one Samir Kapadia, is one of MKSL’s sub-brokers. The claim in reference was in respect of amounts said to be due from the Appellant as a constituent of MKSL. It was specifically identified as the amount due under certain Futures and Options (F&O) transactions that MKSL claimed to have executed on the Appellant’s behalf.

2. Before the learned sole arbitrator, the Appellant contended that she dealt with MKSL only for share purchase transaction on a delivery basis and never dealt in the F&O segment. She said that the transactions that MKSL claimed were on her behalf in the F&O segment were entirely unauthorised. Hence, she had no liability. One of the contentions was that the NSE regulations, i