RUSODAY SECURITIES LIMITED Vs. NATIONAL STOCK EXCHANGE OF INDIA LIMITED AND OTHERS
LAWS(SC)-2020-11-26
SUPREME COURT OF INDIA
Decided on November 20,2020

Rusoday Securities Limited Appellant
VERSUS
National Stock Exchange Of India Limited And Others Respondents


Referred Judgements :-

HOSPITAL PRODUCTS LTD. VS. UNITED STATES SURGICAL CORPORATION LTD [REFERRED TO]
FRAME VS. SMITH [REFERRED TO]
PARAGON FINANCE PLC VS. DB THACKERAR AND CO [REFERRED TO]
ROBERT L.HODGKINSON VS. DAVID L. SIMMS [REFERRED TO]
UNITY COMPANY PRIVATE LTD VS. DIAMOND SUGAR MILLS [REFERRED TO]


JUDGEMENT

A.M.KHANWILKAR, J. - (1.)These appeals under Section 22F of the Securities Contracts (Regulation) Act, 1956[1] take exception to the judgment and order passed by the Securities Appellate Tribunal at Mumbai[2] in Appeal No. 84 of 2009 dated 13.01.2009 and in Appeal No. 118 of 2015 dated 04.06.2019.
[1] for short, "the 1956 Act"

[2] for short, "the Tribunal"

CIVIL APPEAL NO. 2690 OF 2009

(2.)In this appeal, the appellant challenges the judgment/order dated 13.01.2009 of the Tribunal wherein it had upheld the order of expulsion against the appellant, from the membership of the National Stock Exchange of India Limited[3] - Respondent 1. The said order was passed in the aftermath of the withdrawal of trading facilities of the appellant on 13.10.1997 and consequent closing out of all outstanding positions on 14.10.1997 by the National Securities Clearing Corporation Limited[4] - Respondent 2.
[3] for short, "NSE" or "the Exchange", as the case may be.

[4] for short, "NSCCL" or "Clearing Corporation", as the case may be

(3.)The appellant herein, desirous of functioning as a stock broker in the stock market, registered itself as a Trading Member with NSE/Exchange in November, 1994. As a pre-condition of such registration, the appellant was obliged to and did submit an undertaking in favour of the Exchange so as to strictly comply with the practice and stipulations in the applicable Byelaws, Rules, Regulations and other instructions of the Exchange issued from time to time. The said undertaking was given by the appellant on 19.06.1995.
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