TaxTMI 
TaxTMI 
2025 (11) TMI 1565
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....ani, Advocate with Mr. Sumit Yadav, Mr. Abhay Chauhan, Mr. Atul Agrawal, Advocates i/b The Law Point for the Respondent No. 2 Mr. Robin Shah, Advocate with Mr. Uday singh Kashid, Advocate i/b Bodhi Legal for the Respondent No. 3 ORDER Per: Justice P. S. Dinesh Kumar, Presiding Officer This appeal is presented with a delay of 359 days with following prayers: "(i) The Impugned Order (Exhibit-"K") dated September 10, 2024 read with issued by the Respondent No. 1 be quashed and set aside; (ii) Grant the Restitution of loss Amount Rs. 5313585.45/- to Appellant. (iii) Direct an inquiry towards the incident of 12.07.2024 and to hold the respondents responsible for financial loss of traders through the country....
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....he matter for conciliation and arbitration through SMART ODR portal. He filed another complaint against the broker on SCORES platform again seeking refund and action. Appellant's broker by an email dated August 2, 2024 informed the appellant that there was connectivity issue with BSE's Future and Options segment which lasted over 60 minutes and it had affected all brokers. 5. After approaching the Hon'ble High Court of Allahabad, Lucknow Bench, in a writ petition, appellant has filed the instant appeal. 6. During the course of argument, learned Advocate for the appellant submitted that the appellant has suffered loss because of the connectivity issue for about 60 minutes. SEBI has not properly considered his complaints. He submitted t....
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.... system/network congestion. He submitted that SEBI has cautioned the investors with the problems that the investors may encounter. To ensure that investors indulge in the securities market with full knowledge about the risk, the investors are mandated to sign a declaration as per Annexure-8 of the circular. 12. Shri Rai further submitted that SEBI, as the regulator was satisfied that the glitch was between 10:53 AM and 11:22 AM and necessary action was taken as stated in the report. He contended that though appellant has used the word 'restitution of loss', in substance, he has sought for damages of Rs. 53.13 Lakhs. He argued that damages can be awarded by a jurisdictional civil court, based on evidence after holding a trial. 13. Havi....
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....te/leased line based communications, combination of technologies and computer systems to place and route orders. Thus, there exists a possibility of communication failure or system problems or slow or delayed response from system or trading halt, or any such other problem/glitch whereby not being able to establish access to the trading system/network, which may be beyond control and may result in delay in processing or not processing buy or sell orders either in part or in full. You are cautioned to note that although these problems may be temporary in nature, but when you have outstanding open positions or unexecuted orders, these represent a risk because of your obligations to settle all executed transactions." (Emphasis Supplied) 1....