Rejection of plaint
C.NOWSHAD
(Querist) 08 August 2011
This query is : Resolved
Dear sir/madam,
i filed a money suit on behalf of a share market brokers for recovery of money due to them by their client before a civil court. Now one of the defendant filed a Petition to reject the plaint by stating that according to sec.15Y of the SEBI Act, the civil court has no jurisdiction to try the suit..
Please let me know whether the civil court has jurisdiction or not in these kind of suits for recovery of money... if has, pls post the recent judgement if any by the Hon'ble supreme court and by the high courts..
thank u in anticipation
nowshad.c
advocate
from ooty
prabhakar singh
(Expert) 09 August 2011
It us s.15I which confers powers to adjudicate for purposes u/s 15A, 15B,
15C, 15D, 15E, 15F, 15G, 54[15H, 15HA and 15HB] ,where
15A is for. Penalty for failure to furnish information, return, etc.,
15B is for. Penalty for failure by any person to enter into agreement with clients.,
15C is for.Penalty for failure to redress investors' grievances.,
15D is for.Penalty for certain defaults in case of mutual funds.,
15E is for. Penalty for failure to observe rules and regulations by an asset management company.,
15F is for . Penalty for failure in case of stock brokers.,
15G is for.Penalty for insider trading,
15H is for.Penalty for non-disclosure of acquisition of shares and take-overs,
3
[15HA is for.Penalty for fraudulent and unfair trade practices.,
15HBis for .Penalty for contravention where no separate penalty has been provided,
Hence my opinion is that your suit is NOT
BARRED by sec.15Y of the SEBI Act.
C.NOWSHAD
(Querist) 09 August 2011
prabhakar singh sir, the said defendant has filed the petition for rejection of plaint by mentioning sec.15Y of the SEBI ACT 1992...
Pls explain that... it is not 15I but 15Y....
DEFENSE ADVOCATE.-firmaction@g
(Expert) 10 August 2011
Share market transections are covered with the rules framed by the trading platform provider that is BSE OR NSE.
There is simple procedure than civil court, the matter is sent for arbitration form panel of experts.
There is first reconciliation and matter will be solved easily and simply.
