Rajiv Sahai Endlaw, J.

1. The plaintiff has instituted this suit for recovery of Rs.46,71,768.29p from the defendant, pleading that he was trading in financial markets through the defendant who is a member of the National Stock Exchange and a sum of Rs.46,71,768.29p is due to the plaintiff from the defendant on account of such transactions.

2. Summons of the suit were issued and a written statement contesting the suit claim has been filed by the defendant. Para 3 of the preliminary objections of the said written statement is as under:-

“3. That this Hon’ble Court lacks the necessary jurisdiction to entertain and decide the present Suit in view of Clause 13 of Part A of the Agreements dated 23.05.2008 entered into between the parties, wherein the parties have agreed to refer any claims/disputes arisen between the parties to be resolved by the mode of Arbitration, as per the Rules, Regulations and bye-laws envisaged by the respective stock exchange. The contents of Clause 13 are reproduced herein for the ready reference of this Hon’ble Court.

..13 The Client and the Stock Broker agree to refer any claims and/or disputes to arbitration as per the Rules, Bye-laws and Regulations