JUDGMENT :

Navin Chawla, J.

1. This petition under section 34 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the ‘Act’) has been filed by the petitioner challenging the Appellate Arbitral Award dated 03.02.2015 passed by the Panel of Appellate Arbitral Tribunal at the National Stock Exchange of India Ltd. (hereinafter referred to as the ‘NSE’) under the Byelaws, Rules and Regulations of the NSE.

2. The brief facts of the case are that the petitioner is a stock-broker and a member of the NSE and had engaged respondent no.2 as its Sub-Broker, executing Broker-Sub Broker Agreement dated 06.10.2005.

3. On the other hand, respondent no. 1 is an individual investor registered as a client with the petitioner.

4. Upon completion of various formalities, a Member- Client Agreement (MCA) was executed between the petitioner and the respondent no.1 on 14.10.2005 whereby a Dematerialization (Demat) account was opened to give effect to the transactions for sale and purchase of the shares. Consequently, respondent no.1 started placing orders for sale and purchase of shares at NSE Cash and Future and Options (F&O) segments with the petitioner. The said transactions were execut