AP HP Criticized Authorities and Ordered Removal of an Ex-Serviceman’s Land From the Prohibited List  ||  Kerala High Court Upheld the Conviction of a Madrasa Teacher in a Child Sexual Assault Case  ||  Gauhati High Court: Pending Criminal Case Cannot Indefinitely Delay an MBBS Pass Certificate  ||  SC Took Suo Motu Action and Directed Odisha to Aid a Visually Impaired Man and His Mother  ||  Whether a Life-Threatening Rescue by Cop Can be Treated as Routine Duty, Madhya Pradesh HC Clarifies  ||  Madhya Pradesh HC: Officer Cannot Oversee Department Conducting Disciplinary Proceedings Against Him  ||  Madras High Court: POCSO Act Does Not Exempt Romantic Relationships Involving Minors  ||  SC Upholds Haryana Rule Delaying Aid to Kin Accused of Murdering Government Employees  ||  Supreme Court: Lokayukta Special Police is Not Exempt From RTI as an Intelligence Body  ||  Supreme Court: Curable Irregularity in Appointments Cannot Nullify Entire Recruitment Process    

Bombay Stock Exchange Ltd. v. New India Assurance Co. Ltd. - (National Consumer Disputes Redressal Commission) (02 Mar 2016)

Insurer liable even if insuree does not follow own bye-laws strictly

MANU/CF/0047/2016

Consumer

The National Consumer Disputes Redressal Commission held that the Bombay Stock Exchange should not have utilised money from its Trade Guarantee Fund to meet the obligations of two defaulting members without having declared them defaulters first. It noted that BSE’s own bye-laws prohibited it from following the course of action that it did, even though amendments enabling the same were soon to be implemented. However, the Commission opined that BSE’s omission in declaring the members as defaulters immediately upon discovering default was “in order”, as it allowed them time to repay their obligations within a reasonable time. The matter, initiated by the New India Assurance company was disposed of, with BSE allowed to claim back amounts appropriated from the guarantee fund.

Relevant : Kandimalla Raghavaiah and Co. vs. National Insurance Co. and Anr. MANU/SC/1165/2009 State Bank of India vs. B.S. Agricultural Industries (I) MANU/SC/0420/2009

Tags : STOCK EXCHANGE   DEFAULT   GUARANTEE FUND   INSURANCE  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved