The Present appeal is filed challenging the judgment

dated 19.04.2021 passed in Com.A.S.No.263/2018 by the

LXXXVIII

Additional

City

Civil

and

Sessions

Judge

(Exclusive Commercial Court), Bengaluru City, (hereinafter

referred to as the 8Commercial Court9 for short).

2.

Brief facts of the case are as follows:

It is the case of the Appellant that it is a Brokerage

Firm registered with the Securities and Exchange Board of

India (SEBI). The first Respondent and her husband

jointly

held

a

Demat

Account

with

the

Appellant.

Subsequent to the death of her husband, the first

Respondent had opened an individual account and the

shares held in the joint account of the first Respondent and

her husband were transferred to the said individual

account.

3.

In 2017, the first Respondent, contending that

the Appellant had illegally, without authorization or

consent sold the shares and the proceeds of which were

4

also not paid to her, filed a complaint which was referred

to the National Stock Exchange (NSE). The Appellant

denied the allegations made by the first Respondent.

4.

After receipt of the complaint, the NSE referred

the same to the Investors9 Grievance Redressal Panel

(IGRP) in accordance