Dear Members,
Require your kind attention and advice on the following.
1. A wrong credit given to a trader in stock market by the sub broker of a cheque belonging to other party can be maintainable to be repaid after 19 months.
2. All the parties are unaware of the transactions since 19 months as they have full faith on their system and audit process.
3. This mistake was highlighted only recently and the broker freezed the DEMAT account and all shares of the person to repay the amount.
4. As per the provisions of SEBI and the Contract Agreement between broker and client, the accounts are confirmed settled and signed every quarterly (till now 6 quarters).
My questions is.
1. Will the Agreement hold good as the mistake has been overlooked and there has been concenses ad idem by all parties on transactions of accounts.
2. Can the broker compel tthe client to pay for his mistake.
3. Can we file an interim injuction so that the client's can get his freezed DEMAT account released so that he can do his livelihood.
If he can file an interim injuction, can the respected members provide a sample template of the same.
Views on this issue is highly appreciable.
Regards,
Pramod
