A. K. BANERJEE, J.

( 1 ) THE petitioner has share transactions in respect of listed shares with a stock broker being the respondent No. 1 above-named. There had been disputes and differences between the parties, the petitioner approached Securities Exchange Board of India (SEBI)for redressal of his grievance. SEBI advised him to approach the national Stock Exchange. Accordingly, the petitioner approached the national Stock Exchange. The National Stock Exchange advised him to lodge his complaint in the form of a claim application and choose one of the arbitrators from their panel for resolving the disputes by way of arbitration in accordance with the bye laws of the Stock exchange. The petitioner had chosen five names from the panel. Similarly, the stock broker also did the same thing. The Stock exchange found one Mr. P. K. Sanyal common in both the panels and as such Mr. Sanyal was appointed arbitrator as chosen by both the parties. Mr. Sanyal did not incline to act as arbitrator. The Stock exchange finding no other alternative appointed one Mr. Ajoy Agarwal, who was the lone member left in the panel not chosen by any of the parties. Mr. Agarwal accordingly entered appearance. The

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