Stock Exchange arbitration bye-laws bind exchange trades, and a timely claim cannot be rejected as time-barred.

A claim filed within three years of the last relevant account entry was not time-barred, so the limitation objection failed. Transactions executed through the Stock Exchange and reflected in the Exchange trade files were held to attract the arbitration bye-laws, meaning an arbitration agreement existed even without contract notes. On that basis, privity and jurisdiction objections were rejected, and the arbitral award was sustained on both grounds.

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Issues: (i) Whether the claim before the Arbitrator was barred by limitation. (ii) Whether there was no arbitration agreement or privity of contract between the parties so as to exclude the Arbitrator's jurisdiction.

Issue (i): Whether the claim before the Arbitrator was barred by limitation.

Analysis: The last relevant entry in the accounts was of 6-12-2000 and the claim was filed on 4-11-2003. On either computation considered, the claim fell within the three-year period. The objection that limitation should run so as to bar the claim was not accepted.

Conclusion: The claim was not barred by limitation.

Issue (ii): Whether there was no arbitration agreement or privity of contract between the parties so as to exclude the Arbitrator's jurisdiction.

Analysis: The transactions were found to have taken place through the Stock Exchange and were reflected in the trade files maintained by the Exchange. In such circumstances, bye-law 248(a) governed the dispute. Transactions entered through the Stock Exchange carry the arbitration clause embedded in the bye-laws, even if contract notes are absent.

Conclusion: An arbitration agreement existed and the Arbitrator had jurisdiction.

Final Conclusion: The challenge to the arbitral award failed on both grounds, and the award was sustained.

Ratio Decidendi: Where transactions are entered through the Stock Exchange, the arbitration bye-law binds the parties and confers arbitral jurisdiction even in the absence of contract notes; a claim filed within the applicable limitation period cannot be rejected as time-barred.

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