2006 (2) TMI 298

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....dent. ORDER H.L. Gokhale, J. - Heard Mr. Divan in support of this petition. Mr. Mody appears for the Bombay Stock Exchange, which is respondent No. 1 as well as Investor Protection Fund, which is respondent No. 2. The petition seeks an order to set aside the order dated 25-5-2005 passed by the 1st respondent and seeks an order directing the Stock Exchange to give further opportunity to the petit....

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....written submissions made by the petitioner were considered and the Committee has upheld the decision. 3. Mr. Divan, learned counsel appearing for the petitioner, submits that in view of the guidelines framed by SEBI, the amount had to be released from the Investor Protection Fund. He further submits that SEBI has issued a circular dated 28-10-2004 under the power available under section 11(1) of ....

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....r rule 8 it is specifically provided that the fund shall be under no legal obligation to collect the debts of a default member and/or to make payments from the fund. That apart in para 3 of the affidavit-in-reply, it has been specifically stated that in the case of default of Kantilal Mangaldas Securities Private Limited with whom the petitioner was affiliated as a sub-broker, it was noticed that ....