Sebi arbitration

If either of the parties is aggrieved by the award, the aggrieved party may approach the Exchange with an application in the prescribed format for appeal before the appellate arbitrators, along with applicable deposit, within a period of 30 days from the date of receipt of the arbitral award or the aggrieved party can challenge the award u/s 34 of Arbitration and Conciliation Act, 1996 in the court nearest to the address provided by constituent in the KYC form or as per the change in address communicated thereafter by the constituent to the trading member. 

Move your appeal as per law through a local prudent lawyer, if you feel aggrieved by the order passed by Ld. Arbitrator.

1.  You can file statutory appeal (appellate Arbitration) with in the exchange NSE with in 30 days.

2.   You can also challenge the award under section 34 of Arbitration Act with in 3 months. You can not file a civil suit on the same dispute. You may consult a prudent lawyer on the above subject.

Exchange inform that Appeal at exchange not possible therefore approch to court.

So whether appeal for Arbitration award OR file civil suit as per my legal notice already issued before approch for arbitration but as per sebi rules I was first approch for arbitration process.

Pls confirm 

Since you have approached arbitration and the same has been disposed against you, it is advisable that you prefer an appeal against the aggrieved award passed in the arbitration case before the court competent to hear the appeal.

Thank you Sir

If arbitration appeal filed in court it's also possible to file criminal complaint for criminal act by respondent i.e. misappropriation of funds, febrication of documents

If you have strong evidences for the allegations to be made in the criminal complaint, you can process the criminal complaint in parallel to the arbitration proceedings too.