RAJIV SAHAI ENDLAW, J.

.1. The appellant/petitioner on 9th January, 1997 instituted in the court of the Senior Civil Judge, Delhi a suit for declaration and permanent injunction from which the Regular Second Appeal (RSA) has arisen. It was the case of the petitioner/appellant in the plaint that he is a retired officer from the IDBI; that the respondent No.1 Shri Parasram Holdings Pvt Ltd (hereinafter called the ‘Stock Broker’) is carrying on business as a stock broker and is a member of the (respondent No.3 in the RSA) M/s National Stock Exchange of India Ltd (hereinafter called the ‘stock exchange’); that the petitioner/appellant had purchased and sold some shares through the stock broker during the period from 3rd July, 1996 to 9th July, 1996 and in which transaction he had suffered losses and had squared up his account vide his cheque dated 10th July, 1996 and had thereafter stopped purchase/sale of shares through the stock broker or anyone else; that the petitioner/appellant on 22nd December, 1996 received notice from the stock exchange of the statement of claim received by the stock exchange from the stock broker and requiring the petitioner/appellant to submit his defence the

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