Supreme Court of India
Edelweiss Custodial Services Limited v. Nse Clearing Ltd.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
The four appeals, Civil Appeal Nos. 31 of 2024, 2187 of 2024, 3179 of 2024 & 7313 of 2024 stand allowed setting aside the impugned orders of the MCSGF Committee and that of the SAT. The other appeal, Civil Appeal No. 4238 of 2026 stands rejected as not maintainable, since the orders impugned therein have already been set aside by us and the prayer is to grant the benefit of the orders set-aside, in restoring the cash margin of that individual appellant.
Judgment, 57
In brief
The appellants are Professional Clearing Members (PCMs) registered with NSE Clearing Ltd. (NCL), whose only constituents are Trading Members (TMs); they have no proprietary trades and no individual clients. Trading Members such as Anugrah Stock & Broking, which was simultaneously acting as a Depository Participant and offering unauthorised Derivatives Advisory Services promising assured returns akin to Portfolio Management Services, collected securities from individual investors under affidavits/undertakings and re-pledged them to the PCMs as collateral in the F&O segment.…
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