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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
Sandeep V.Marne
Central Depository Services (India) Limited – Appellant
Versus
Daksha Narendra Bhavsar – Respondent
| Table of Content |
|---|
| 1. challenge to the arbitration award and factual context. (Para 1 , 2 , 3 , 4 , 5 , 6 , 7) |
| 2. petitioner's arguments against the tribunal's findings. (Para 8 , 9 , 10 , 11 , 12 , 13 , 14 , 15 , 16 , 17 , 18 , 19) |
| 3. court's observations on the nature of fraud. (Para 20 , 21 , 22 , 23 , 24 , 25 , 26 , 27 , 28 , 29 , 30) |
| 4. overview of arbitrator's tribunal findings. (Para 31 , 32 , 33 , 34 , 35 , 36 , 37 , 38 , 39 , 40) |
| 5. liability of depository for dp's negligent acts. (Para 46 , 47 , 48 , 49 , 50) |
| 6. distinction and relevance of sebi circulars. (Para 51 , 52 , 53 , 54 , 55 , 56 , 57 , 58 , 59 , 60) |
| 7. application of sebi circulars to the case. (Para 62 , 63 , 64 , 65 , 66 , 67 , 68 , 69 , 70) |
| 8. finalizing the tribunal's reasoning and outcomes. (Para 71 , 72 , 73 , 74 , 75 , 76 , 77 , 78) |
| 9. final order dismissing the petition. (Para 79 , 80) |
JUDGMENT :
Sandeep V. Marne, J.
THE CHALLENGE
1) The Petition, filed under Section 34 of the Arbitration and Conciliation Act, 1996, (Arbitration Act) seeks invalidation of the Award dated 30 January 2024 passed by the Arbitral Tribunal. By the impugned Award, the Tribunal has allowed the claim of Respondent No.1 to the extent of Rs.86,
A depository is liable to indemnify investors for losses due to negligent acts of its Depository Participant, demonstrating the interconnected responsibilities of financial institutions in preventing....
Stockbroker liability for losses in trades hinges on adherence to SEBI Circulars; regulatory violations alone do not create client compensation rights without proof of actual loss.
The refusal to adjudicate the claim due to alleged forum shopping without determining the merits of the case is irrational and dismisses Petitioners’ independent right for relief based on statutory i....
The ruling clarifies that freezing a promoter's demat account without involvement in the company's management violates constitutional rights and natural justice, reaffirming the necessity of procedur....
Stock brokers have a contractual obligation to adjust client balances inter se family accounts when provided under account agreements, emphasizing accountability for unauthorized transactions.
A client must adhere to contractual obligations regarding annual maintenance charges for reduced brokerage rates; failure to do so results in automatic application of normal charges.
Absence of prior written instructions does not absolve a client of liability for trades if evidence shows active participation and knowledge.
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