Supreme Court: Parents’ Loss Cannot Be Measured With Arithmetical Precision  ||  Supreme Court: Registered Sale Deed Remains Valid Despite Minor Attestation Discrepancies  ||  Calcutta High Court: Section 107 BNSS Property Attachment Cannot be Used as a Recovery Tool  ||  Ker HC: Elected Representatives Must Swear by God or Affirm, Cannot Invoke Specific Deities in Oath  ||  Rajasthan High Court: Ward Delimitation Must Rely on Population, Not Voter Count  ||  SC: Readiness for Agreement Execution Must be Proven From Agreement Date, Not Only After Suit Filing  ||  Supreme Court: Long Gap Without Similar Criminal Conduct May Mitigate Sentence  ||  Supreme Court: Loss of Right Leg Constitutes 100% Functional Disability for a Mason  ||  Del HC Orders Fresh All India Tennis Association Elections by Sept 30, Sets Timeline for Amendments  ||  Bombay High Court Permits 26-Week Pregnancy Termination Due to Fetal Anomalies, Financial Hardship    

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