https://www.taxtmi.com/caselaws?id=798936 Annulment of a securities trade extinguishes the delivery transaction where the Exchange has received the buyer's purchase consideration. The buyer cannot be required to accept delivery after annulment, and the Exchange must restore the deposited consideration rather than treat the claim as one for trading losses. The clearing mechanism does not necessarily create a direct contractual relationship between buyer and selling broker; the broker is not a necessary party where no relief is sought against it and an effective decree can be passed without it. Arbitration, closing-out provisions, and indemnity under Bye-Law 315J do not bar restitution absent a relevant dispute-resolution reference. en-us Fri, 11 Sep 2026 00:00:00 +0530 Tue, 15 Sep 2026 08:31:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798936 Annulment of a securities trade extinguishes the delivery transaction where the Exchange has received the buyer's purchase consideration. The buyer cannot be required to accept delivery after annulment, and the Exchange must restore the deposited consideration rather than treat the claim as one for trading losses. The clearing mechanism does not necessarily create a direct contractual relationship between buyer and selling broker; the broker is not a necessary party where no relief is sought against it and an effective decree can be passed without it. Arbitration, closing-out provisions, and indemnity under Bye-Law 315J do not bar restitution absent a relevant dispute-resolution reference. Case-Laws SEBI Fri, 11 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798936