Electronic trading risk disclosure and evidence-based damages claims barred relief in a summary appellate proceeding.

A trading-terminal connectivity glitch lasting 29 minutes was found to have been addressed through corrective measures, including recovery of the affected gateways, one by manual restart. The appellant had signed the risk disclosure declaration under the relevant master circular and was therefore treated as having accepted the risks of electronic trading, including system or network congestion. A claim for monetary loss based on the alleged trading loss could not be granted in this summary appellate proceeding because it required adjudication on evidence before a competent forum. Relief in the appeal was therefore declined, leaving the damages claim to be pursued separately.

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Issues: Whether the appellant was entitled to relief in the appeal on account of the alleged trading-terminal connectivity glitch and whether a claim for monetary loss could be granted in this proceeding.

Analysis: The record showed that the regulator had examined the complaints and found that the technical glitch lasted for 29 minutes, with corrective measures taken and the affected gateways recovering, one of them by manual restart. The appellant had also signed the risk disclosure declaration under the relevant master circular and was therefore taken to have accepted the risks associated with electronic trading, including system or network congestion. The prayer, in substance, sought recovery of damages for the alleged loss of Rs. 53.13 lakhs, which required proper adjudication on evidence in a competent forum and could not be granted in this summary appellate proceeding.

Conclusion: The appellant was not entitled to relief in this appeal, and the claim for monetary loss was left to be pursued before an appropriate forum.

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