2025 (11) TMI 1036

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.... for refund of deposit made with Anugrah Stock Broking Pvt. Ltd. Anugrah Stock Broking 2. We have heard Mr. Zubin Sheth, learned advocate for the appellant and Mr. Jaikishan Lakhwani, learned advocate for the respondent. 3. Brief facts of the case are, appellant had opened his demat account with Anugrah Stock Broking on February 26, 2020. According to the learned advocate, appellant had placed the Mutual Funds worth Rs. 10,00,398.62 towards margin with the said broker. Thereafter, on July 7, 2020, appellant deposited a sum of Rs. 5 lakh as margin money. Subsequently, the broker was debarred from the market on August 3, 2020. Appellant lodged a complaint with NSE for refund and the same has been rejected by the impugned communicatio....

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....amount was deposited on the same day. In the instant case, the account was opened in February and Mutual Funds were given as margin. Thereafter, on July 7, 2020, further margin money of Rs. 5 lakh has been paid by the appellant. Admittedly, the broker has been debarred on August 3, 2020. Learned advocate for the respondent sought to distinguish the case of Anisha Kothari, on the ground that between February and August the appellant has not traded, though she had placed the Mutual Funds as margin money, and hence the appellant is not be eligible for refund from the Investor Protection Fund in view of the Clause 2D of the Circular dated February 23, 2017, which has been relied upon by this Tribunal in the case of Balwan Chouhan. 7. The ....