NSE lacks statutory authority to block issue of duplicate certificates: Bombay HC

Aloysius D’Souza Vs Union of India (Bombay High Court) Bombay High Court held that National Stock Exchange (NSE) doesn’t have any statutory authority to issue communication via which it blocked the issue of duplicate certificates. Accordingly, action of NSE quashed. Facts- Since 1986 to 1997, Petitioner acquired shares, in tranches, of Respondent No.4-Company. The Petitioner subsequently sold some of these shares. In April 2007, the shares of Rs.10/- each of Respondent No.4-Company were split into shares of Rs.5/- each. On 19 January 2007, Respondent No.5-Transfer Agent informed the Petiti...