SC: Section 22 of Hindu Succession Act Preference For Class-I Heirs Applies to Agricultural Land  ||  Supreme Court: Refund Clause in Sale Agreement Does Not Extinguish Right to Specific Performance  ||  SC Clarifies When a Probate Application Filed After a Testator's Death is Time-Barred  ||  Madras HC: Coordinate Bench Cannot Reopen Issue Already Settled by Another Division Bench  ||  Delhi HC Urges Law to Regulate Media, Notes Anyone with a Mobile Phone Can Claim to be a Journalist  ||  CCI Rejects Allegations of Collusion Involving Reliance Jio and More Than 4,500 Entities  ||  Allahabad HC: Working Mother with Child Custody Cannot Shift Entire Maintenance Liability to Father  ||  Bombay HC: Possessory Suit U/S 6 of the SRA is Maintainable Despite a Licensor-Licensee Relationship  ||  Del HC: Master's Candidates Without the Prescribed Bachelor's Degree are Ineligible as Govt Teacher  ||  Cal HC: BSF Cannot Deny DIG Rank to an Officer Injured in 1995 Road Accident After Earlier Promotion    

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