JUDGMENT :

(Original Petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 to set aside the impugned Award dated 23.04.2012 which confirms the Award dt. 24.11.2011 with exemplary costs.)

1. Captioned 'Original Petition' ('OP' for the sake of brevity) is an application under Section 34 of 'The Arbitration and Conciliation Act, 1996 (Act 26 of 1996)' and this Act shall hereinafter be referred to as 'A and C Act' for the sake of brevity and convenience.

2. In captioned OP, sole petitioner is a constituent and contesting first respondent is a trading member qua 'National Stock Exchange of India Limited Byelaws' (hereinafter 'NSE Byelaws' for the sake of brevity). Chapter XI of NSE byelaws is captioned 'ARBITRATION' and this chapter serves as arbitration agreement (between petitioner and contesting first respondent) i.e., arbitration agreement within the meaning of Section 2(1)(b) read with Section 7 of A and C Act.

3. In the web-hearing on a video-conferencing platform today, learned counsel Mr.Krishna Srinivas of M/s. S Ramasubramaniam and Associates (Law Fir