ORDER

Dr. S.M. Kantikar, Member.—The Complainant, M/s R. R. Chokhani Stock Brokers P. Ltd.(hereinafter referred to as the “Company/Co.”), filed this Complaint through its Director, Mr. Ramakant R. Chokhani, against the New India Assurance Co. Ltd. (hereinafter referred to as the “Opposite Party”) under Section 21(a)(i) of the Consumer Protection Act 1986.

2. The Complainant M/s R.R. Chokhani Stock Brokers P. Ltd. is a member of Bombay Stock Exchange (hereinafter referred to as “BSE”) since October, 1985. Its Director and Principal Officer was Mr. Ramakant R. Chokhani. The Complainant Co. is engaged in the business of arbitrage between NSE and BSE. As per the mandatory requirements of Securities and Exchange Board of India (SEBI) and also as per laws of NSE and BSE, the Complainant Co. took the insurance cover from the Opposite Party for cover amount of Rs. 1 Crore. The Complainant was renewing the said policy every year regularly. The Insurance policy covers inter alia “fidelity” under Section 1A of the terms and conditions of the policy. Since 1989, Mr. Nilesh Patel was a key permanent employee of the Complainant Co. He was Incharge and looking after the arbitrage operations and o