- (1.)THE Petitioner, the Stock Broker, has challenged the impugned award dated 28 July 2008 passed by the sole Arbitrator under the Rules and Regulations of National Stock Exchange of India Ltd., Mumbai (for short, NSEIL).
(2.)THE basic events are as under:� The Petitioner is a member of NSEIL, and also member of the Bombay Stock Exchange (for short, BSE) having SEBI registration No. INF231057432. The Petitioner is a company registered under the Companies Act, 1956 carrying on business of shares and securities at both the exchanges.
The Respondent was a constituent of the Petitioner. On 15 October 2007, the Respondent opened an account with the Petitioner and signed the Member�Client�Agreement. The Petitioner allotted the Client Code No MU190 to the Respondent. The Respondent has carried out number of transactions through the Petitioner.

The Petitioner effected various transactions at the instructions of the Respondent at NSEIL and BSE. The Petitioner prepared and issued time to time e�Contract Notes to the Respondent. The Petitioner also issued physical Contract Notes to Respondent when requested by him. The Petitioner had maintained running Ledger Accounts of the Respondent in their Books of Account in the ordinary and regular course of the business.

(3.)ON 22 January 2008, at the foot of ledger account an amount of Rs.11,45,520.44 were due and payable by the Respondent to the Petitioner.
In the month of March, 2008, the Respondent issued various cheques towards part payment to the Petitioner. The said cheques deposited in Petitioner's Bank for encashment in March 2008. The same were dishonoured by the Banker's of the Respondent for the reasons 'Funds Insufficient'.