S. RAVINDRA BHAT, J.

1. This is an appeal under Section 37 of the Arbitration and Conciliation Act. The appellants grievance is with respect to the order of learned Single Judge who rejected his petition under Section 34 of the Act. The appellant has challenged the award by the Appellate Tribunal constituted by virtue of Regulations framed under the National Stock Exchange Act.

2. Shorn of the procedural history of the dispute, the brief and conceded facts are that the appellant at the relevant time was an online trader, who transacted business with the stock exchange by purchasing and selling shares. He also carried on forward trading. In the course of these transactions, it was essential - especially in respect to the forward category of trading, that margin money had to be deposited; undisputedly it was. Depending on the nature of the daily transactions and the closure, notified by the stock exchange, the losses or gains, as the case may be, were duly accounted and in the event, the trader (such as the appellant) was in a red, he had to make good the deficiency by depositing the balance within a stipulated period failing which the shares standing to his credit would be e