Securities Contract (Regulation) Act, 1956

The Bombay Stock Exchange (BSE) held the assets of a defaulting member, C.S. Shah, in its Defaulters' Committee, which is merely an association of persons and not a juristic entity. Ms. Indu Malhotra obtained an arbitration award against Shah, which was made a rule of court and a decree, and sought attachment of the fu…

Kavi Arora, former MD and CEO of Religare Finvest Ltd., was served a Show Cause Notice by SEBI alleging diversion of funds. He petitioned the High Court seeking the documents relied upon by SEBI and a copy of the opinion formed under Rule 3 of the SEBI Adjudication Rules. SEBI refused to disclose certain documents, cla…

The appellant, a stock broker, entered into three share purchase contracts with the respondent: two for Reliance Industries Limited (RIL) shares on 14‑Feb‑1992 and 23‑Mar‑1992, and one for Steel Authority of India Limited (SAIL) shares on 27‑Feb‑1992. The respondent delivered only one lakh RIL shares and claimed the fi…

A complaint was filed before the National Consumer Disputes Redressal Commission (NCDRC) which the parties agreed to refer to arbitration. An arbitrator was appointed on 19‑May‑1995 and rendered an award on 19‑Aug‑1996, which the Commission accepted. The Supreme Court later held that the NCDRC could not refer the matte…