1997 (1) TMI 417

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Virag V. Tulzapurkar and Bomi Patel for the Applicant. S.G. Mandrekar for the Respondent. JUDGMENT 1. This application has been taken out by the Delhi and Mumbai Stock Exchanges for clarification of Order dated 19th October, 1993. By that Order, this Court established a process of certification. Under that Order, the Stock Exchanges could certify whether a person is or is not a bona fide pur....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ndertake the process of certification even though more than one sub-broker was involved. 3. Undoubtedly, the purpose of the Order was to safeguard bona fide purchasers for value. However, the Stock Exchanges were authorised to certify in cases where the purchase was through a member or sub-broker attached to that member. Whilst it is clear that there could be more than one sub-brokers, it neces....