2024:MHC:4133 IN THE HIGH COURT OF JUDICATURE AT MADRAS RESERVED ON : 01.08.2024 PRONOUNCED ON : 14.10.2024 CORAM THE HONOURABLE DR. JUSTICE ANITA SUMANTH WP.No.13813 of 2023 Vimal Kumar Gupta ... Petitioner Vs.

1.The National Stock Exchange of India, Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051.

2.Securities Exchange Board of India, Plot No.C4-A, G Block, BKC Bandra (East), Mumbai – 400 051.

And also at

7th Floor, 756L, Anna Salai, Chennai-600 002. ... Respondents PRAYER: Writ Petition filed under Article 226 of the Constitution of India praying to issue a Writ of Declaration, to declare the Circular dated 02.09.2022 vide Ref No.NSE/INSP/53525 issued by the 1^st Respondent to all Trading Members as illegal, arbitrary, non-est, perverse and contrary to law in as much it advises the Trading Members to refund the penalty levied on account of the “short/non-collection of upfront margins” to clients if the same has been passed on to the clients after 11^th October, 2021.

For Petitioner : Mr.K.Jagannathan For Respondents : Mr.P.Giridharan (R1)

Mr.C.Prasanna Venkatesh (R2)

O R D E R

An interesting issue arises for decision in this matter. The petitioner is an i