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2019 (9) TMI 593 - HC - SEBITransaction on the exchange - whether petitioner’s transactions were not through the exchange? - alternative remedy before the Securities Appellate Tribunal - HELD THAT:- Shares were transferred from the applicant’s account to broker account, which the broker did not return. It is further pointed out that there was no trade executed on the exchange. The transaction is therefore, construed as a loan transaction and therefore, not recommended for payment. This recommendation of the Committee was accepted by Respondent No.3 and the claim of the petitioner was accordingly rejected. We do not find that the Respondent No.3 has committed any error. It may be that the previous Circulars issued by the SEBI from time to time, do not specifcally include a clause that in case of transaction not executed through the platform of BSE, the claim would not be entertained by the Respondent No.3. Nevertheless, there is no instance cited before us by the petitioner that any such claim in the past was entertained and allowed. The case of the petitioner was considered and disposed of after the Circular dated 23rd February, 2017 was issued. The Circular was therefore, correctly applied. In any case, Clause (b) of paragraph 2 of the said Circular can be seen as clarifcatory in nature and explicitly declares the policy of the SEBI to entertain only those claims of investors which arise out of the transaction carried out through the platform of BSE and not outside.
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