Senior Advocate Venkatesh Dhond, appearing for the NSE, sought time to respond to the petition on Wednesday which was granted by Bench of Justices SV Gangapurwala and RN Laddha.
The plea will now be heard on November 17, 2022.
The petitioners, Pushpa Shah and her daughter Pooja Shah, had participated in the Stock Borrowing and Ending Scheme (SLBM) as clients with one Anugrah Stock Broking Pvt Ltd as ‘approved intermediary’ of NSE. They lent their shares of IDFC First Bank to Anugrah.
After 2 months, they opted out of the scheme and, therefore, did not renew their agreement with the intermediary.
In November 2020, the intermediary was declared as a defaulting entity by NSE, the plea stated, and they were disentitled from participating in stock market functions.
After such announcement, the petitioners made multiple requests to NSE and the Securities Exchange Board of India (SEBI) for the return of their shares to the Central Depository Services (India) Ltd. (CDSL) accounts.
After exhausting every available alternate remedy, the petitioners decided to move the High Court seeking transfer of their shares of IDFC Bank to their accounts.
The petitioner besides seeking return of the shares have also sought compensation of the loss faced by them as a result of not having access to their shares for almost 2 years and the legal fees incurred.
Source: Barandbench
