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Issues: Whether the SEBI circular directing Stock Exchanges to debit the amount of an arbitral award from a member's deposits and keep it in a separate account until the time for challenge under the Arbitration and Conciliation Act, 1996 expired or the challenge was decided was invalid as being contrary to the Act and violative of Article 14.
Analysis: The circular was issued under the powers conferred by sections 11 and 11B of the Securities and Exchange Board of India Act, 1992 to protect investors. It was intended to address the practical problem that awards in favour of clients and investors were not being implemented effectively by Stock Exchanges. The circular did not override section 36 of the Arbitration and Conciliation Act, 1996 or render enforceable an award that was not yet enforceable under the Act. It was confined to members and brokers of Stock Exchanges and was designed to facilitate implementation of awards in a regulatory framework. No illegality or arbitrariness was found in the classification or the mechanism adopted.
Conclusion: The challenge to the circular failed. The circular was held to be valid and not contrary to sections 34 and 36 of the Arbitration and Conciliation Act, 1996 or Article 14 of the Constitution of India.
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