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2015 (4) TMI 62 - DELHI HIGH COURTArbitration agreement or not - Stock trading agreement between appellant and respondent - Appellant raised a grievance that without his instructions 65 transactions were effected by Edelweiss without any confirmed order or instruction from him - Respondent contends that matter referable to arbitration - No application was filed under Section 8 of the Arbitration and Conciliation Act, 1996 - view taken by the learned Single Judge is that the requirement of law i.e. Section 8 of the Arbitration and Conciliation Act, 1996 is for a party relying upon an arbitration agreement to apply to the Court praying that parties be referred to arbitration not later than when submitting the first statement on the substance of the dispute - Held that:- Section 9 of the Securities Contracts (Regulation) Act, 1956 provides that any recognized stock exchange may, subject to the previous approval of Securities and Exchange Board of India (SEBI) make bye-laws for the regulation and control of contracts. Section 9(2)(n) of the Act provides the method and procedure for settlement of claims or disputes including settlement by arbitration. Under S.9(2)(n) the National Stock Exchange has framed Bye-Laws which have been approved by SEBI. Section 9(4) provides that the Bye-Laws made under Section 9 shall be subject to conditions with regard to previous publication, and the same shall be published in the Gazette of India, and also in the Official Gazette of the State in which the principal office of the recognized Stock Exchange is situated, and shall have effect as from the date of publication in the Gazette of India. - arbitration under the National Stock Exchange Bye-Laws are Statutory Arbitrations would be covered under Section 2(4) of the Arbitration and Conciliation Act, 1996. In the written statement filed a specific prayer has not been made to refer the parties to arbitration, but we have highlighted hereinabove that in the written statement filed a preliminary objection has been taken that the suit is barred in view of the arbitration agreement. The written statement filed is with strings attached by challenging the maintainability of the suit in view of the arbitration clause and therefore in such circumstance the said objection taken by Edelweiss contained in the written statement could be treated as an application under Section 8 of the Arbitration and Conciliation Act, 1996. - It is trite that it is the substance of a matter contained in a document which matters and not the form thereof - appeal has to be dismissed - Decided against appellant.
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