ORDER

CHANDRA DHARI SINGH, J (Oral)

1. The present petition under Section 115 read with Section 151 of the Code of Civil Procedure, 1908 (hereinafter “CPC”), has been filed by the petitioner seeking the following reliefs:

“ I). Quash, set aside and declare null and void the impugned order dated

17.11.2021 passed by Ld. Trial Court in CSCJ 677 of 2021, II). Direct the Ld. Trial Court to entertain and proceed with the trial of suit of the petitioner as per law.

III). Pass such further orders as may be considered just and appropriate in the facts and circumstances of the case.”

FACTUAL MATRIX

2. The petitioner is an individual investor, carrying out transactions in shares, stocks, and derivative products at the National Stock Exchange of India (hereinafter “NSE”), respondent No. 1. National Stock Exchange of India Limited, a company incorporated in the year 1992, is running a stock exchange recognized by and under regulatory framework/control of Securities and Exchange Board of India (hereinafter “SEBI”). The respondent No. 2, ICICI Securities Limited, is also a company incorporated in the year 1995 and is functioning inter-alia as a share broker having membership with respondent No.1.

3. The petitioner had executed an Account Opening Form (hereinafter “AOF”) with the respondent no. 2 and is maintaining a Share Trading Account and a Demat Account of shares with defendant no. 2/respondent no.

2.

4. On 4th and 5th February 2021, the petitioner executed Futures Contract/Stock Futures with respect to 32,500 shares of Indian Oil Corporation Limited at an average rate of Rs.103.55/-. The above future positions were squared off on 11th February 2021 at an average rate of Rs.96.74/-. It is alleged that a gross sum of Rs. 2,21,325/- was to be credited to the petitioner‟s account instead of a debit of Rs. 22,175.

5. The petitioner raised his grievance by way of a Complaint to the respondent no. 2. In their reply, to the said Complaint, it was stated that the same is the result of a Corporate Action Adjustment (hereinafter “CAA”), in compliance with letters/circulars issued by the respondent no. 1 and as per the authority derived from Securities and Exchange Board of India (hereinafter “SEBI”) Master Circular dated 16th December 2016 read with Circular dated 5th July 2018.

6. The petitioner served a legal notice dated 27th February 2021 to the respondent no. 2. Further, a Complaint dated 26th March 2021 was also made on the web portal namely „NICEPLUS‟ maintained by the respondent no. 1. In the said complaint, the petitioner had raised his grievance for deduction of the above said amount, against the respondent no. 2.

7. Thereafter, the petitioner filed a Civil Suit bearing No. CSCJ/677/2021 against respondent nos. 1 and 2, before the learned Senior Civil Judge, Patiala House Court, New Delhi, for the recovery of Rs. 2,43,500/-. The petitioner had further sought a permanent injunction against the practice of CAA being illegal, as the same amounts to misappropriation and to quash letters/circulars issued by respondent no. 1 and followed by respondent no. 2.

8. In the said Civil Suit, respondent no. 2 filed an application under Section 8 of the Arbitration and Conciliation Act, 1996 (hereinafter “the Act, 1996) seeking reference to the arbitration, as the AOF executed between the petitioner and the respondent no. 2 contains an arbitration clause. The learned Trial Court vide Order dated 17th November 2021, allowed the application filed by respondent no. 2 under Section 8 of the Act, 1996. It was held that there exists an agreement for arbitration between the petitioner and the respondent no. 2 in the AOF. Hence, the parties may resolve their disputes by way of entering into arbitration. Therefore, the main dispute of the petitioner is with respondent no. 2.

9. Aggrieved by the impugned Order dated 17th November 2021, the petitioner has approached this Court by way of the instant revision petition.

SUBMISSIONS (on behalf of the petitioner)

10. Petitioner app