A. KULASEKARAN, J.

A. No. 1984 of 1998 is filed by the second defendant viz., GDR Financial Services Ltd., and A. No. 1985of 1998 is filed by the third defendant viz., Seagul Securities Ltd., against All sec Securities Ltd., plaintiff, both praying for identical relief to refer the dispute referred to in the suit to arbitration as contemplated under the bye-laws of the National Stock Exchange (NSE).

The case of the second defendant/applicant in A. No. 1894 of 1998is that the plaintiff/respondent herein is a registered member of the NSE and is permitted to have constituents to trade in stocks and securities; that the applicant herein opened an account with the respondent and was assigned the following numbers-G0006 and G0007 and a formal client member agreement as required by the NSE was executed between the second defendant and the plaintiff on October 4, 1995, to regulate the transactions, and that all the transactions are subject to the bye-laws of the NSE. According to the second defendant, under Chapter XI of the said bye-law, all differences and disputes between a trading member and constituent arising out of or in relation to dealings on the exchange or with referen