db t L o ooi o 0,n", J.,,

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1 Arls BAN} LTD. anta 9..; ;. qfr,tq ::*,1ff::::'li?.", *r-,uu,' mumb,-4oo o: t. D-rsr?,v, c.r r.0,6./r $fj{j.;. i. i:,i db t L o ooi o 0,n", J.,, ;zi-.: INDIA srnrep orn MAiaFasFrar BEFORE THE SOLE ARBITRATOR JUSTICE DRPRATIBIIA UPASANI (RETD.) (Appointed as the sole arbitrator by the National Stock Exchange oflndia Limited, Mumbai vide its letter No. NSE/ARBN,/F&O1M U dared l3th May,2014\ In the matter of arbitration under Bye-Laws, Rules & Regulations of National Stock Exchange oflndia Limited (NSE) Arbitration Matter No. F&O/]VI BETWEEN 9\'r.

2 Mr. Niteen Jaywant Deshmukh.. Applicant / 002, SavihiAawas, Manjarli, Constituent Badlapur (West) , District - Thane (PAN No.AGNPD1039K) AND Royal International Shares Pvt. Limited, Dinhatd Road, New Town, Cooch Behar , West Bengal Also at :- C Oberoi Garden Estate, Chandivali Farm Road, Andheri (E), Mumbai - AppceEtees Respondents / Trading Member For Applicant Applicant present in person, For Respondents Absent though duly served at both the addresses. AWARD 1) This Arbitration Application dated 30I" April, 2014 is filed by the Applicant / Constituent Mr. Niteen Deshmukh against the Respondents / Trading Member M/s Royal International Shares Private Limited claiming from them Rs.3,76,900/- Out of this amount the basic claim is of Rs.2,77,034/-. Rs.50,000f are claimed towards harassment, travelling, drafting and filing case, etc., and ihe said amount is claimed with 18ok p.a. from 1"rJanuary, 2014 till date of payment. 9T*

3 2l The case of the Applicant as can be understood from the poorly drafted Statement of case may be stated as follows :- 3) The Applicant opened account with the Respondents in the yeat His Unique Client Code is MA1907. He was trading in Cash and F&O segments in NSE, MCX and BSE. He had disputes with the Respondents regarding the transactions in NSE. He has got contract notes, etc., with respect to these transactions which are issued by the Respondents. The Applicant asked for money from them repeatedly but there was no response. He has annexed copy of s dated , and '14. He also contacted on phone MD of the Respondents Ms Archana Sarkar and stated that soon they would pay him but there was neither any payment nor any response to the communications of the Applicant. Respondents' website also became inaccessible tuom '14. The Applicant noticed problems and gaps in the operations of the Respondents from and thereafter he requested for refund of his balance money from NSE cash and F&O transactions. Applicant has stated that as on 13tn January, 2014 he has balance with them of Rs.2,77,034/-. This balance statement, according to him, is taken from the Respondents' website on He lodged complaint with the SEBI and NSE on and , respectively. IGRP Meeting was called by NSE on 2l04l2o'14. The Applicant was present along with his documents like bank passbook, covering various payment entries made to the Respondents. The Respondents, however, remained absent. No documents also were produced by them. The order of the IGRP was to the effect that Applicant's claim to the 50% only was admissible. Hence, the present Arbitration Application as the Applicant was not prepared to accept this order of IGRP. 4) The Sole Arbitrator entered reference on 30/06/2014. The Applicant was present. The Respondents, however, were absent though they were duly and propedy sened at both td

4 their addresses at Cooch Behar and Andheri (E). lt appears that two notices were sent by courier and also by R.P.A.D. and they had come back undelivered. I was, therefore, satisfied about the service aspect. The record revealed that Respondents did not attend even the IGRP Meeting nor did they produce any documents to disprove the case of the Applicant. Here also no reply / Statement of Defence is filed by them. I am also lold that they are disabled from trading by the Exchange because of certain irregularities. Thus, there deliberate intention to avoid the proceedings is very much obvious. They are, "Party at default', have remained absent even after due service. I am, therefore, proceeding under and as per provisions of Section 25 of the Arbitration & Conciliation Act, 1996 as proceedings of this Arbitralion are conducted under that Act. 5) I have heard Mr. Deshmukh at length. I have also gone through and noted the records and proceeding which include passbook of the Applicant in the Maharashtra Gramin Bank, his s sent to the Respondents and account summary, etc. I have also seen the sent by Director of Respondents Ms Archana Sarkar dated accepting liability and pleading financial constraints coupled with assurance to pay. In my view the claim of the Applicant is supported by these documents. Hence the basic claim of Rs.2,77,034/- can be allowed. His claim under other heads like harassment, elc., however, is not permissible before this forum and has to be rejected. ln my view IGRP while allowing admissibility of his claim to the extent of 50o/o was not fair and rational especially when the Applicant has come out with sufficiently authentic documents and when Respondents are intentionally avoiding to face the proceedings and disprove the claim of the Applicant. The balance statemenl appears to be taken from TM's website on January 13, I am, therefore, passing following award in favour of the Applicant. 9b.^

5 The Arbitration Application filed by the Applicant i Constituent Mr. Niteen Jaywant Deshmukh is allowed to extent of Rs.2,77,034/- and the Respondents hereby i.e. Royal International Shares Pvt. Ltd., are directed to pay this amount to the Applicant with 12o/o p.a. on the sum of Rs.2,77,O341- from the date of filing of the Application till payment / realization. This amount to be paid within one month of receipt ofthe Award; o. Respondents to bear the cost of the Arbitration proceedings. The Award is signed and issued in 3 stamped originals. The NSEIL may retain one original and fomard one stamped original each to the Applicant / Constituent, Mr. Mr. Niteen Jaywant Deshmukh and Respondents / Trading Member, Royal International Shares Pvt. Limited. P).ufaS*n t Mumbai \S ra!'?sl P\^ Date : Ytd{dy, 2014 Justice Dr. Pratibha Upasani (Retd.) Sole Arbitrator