Nse arbitration process
Vikas Tiwari
(Querist) 27 November 2012
This query is : Resolved
One of my friends has been doing stock trading with of the broker, in 2008 he found some unidentified trades in his trading account and apparently suffered with a loss of 50,000, when he approached to trading members personnel they committed that it was their fault and agreed to compensate said amount to my friend within a period of one or two months. But after the said time when my friend did not get any compensation and he realized that company personnel were passing time then he approached to NSE where he went through Arbitration trial, unfortunately arbitration award in favor of trading member as not a single evidence which was with my friend was considered during trail, I can say arbitration trial was an eye was only.
After arbitration process he again approached with a fresh complaint to District Consumer Forum in Delhi but after a long process hearing of two year he got award in Nov 2012 from forum that as the matter was already came through arbitration and was in favor of trading member said compliant was not standable in Consumer Forum and hence complaint was dismissed.
My question if there is any remedies where he can approach and seek a relaxation for arbitration award and ask for the loss amount.
Please help to answer that my as my friend has also made some recording of the trading member’s personnel in which they have agreed that it was their act and also agreed to pay compensation. Thank
Devajyoti Barman
(Expert) 27 November 2012
After the arbitration award he in stead of going to consumer forum should have first challenged the award in the district court u/s 34 of the Act.
Now he can only go for Revision before the State Commission against the judgement of the consumer forum.
Raj Kumar Makkad
(Expert) 27 November 2012
Filing complaint in consumer forum is separate aspect but basic thing is that your friend should challenge the award before the civil court.
