IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE K.VINOD CHANDRAN THURSDAY, THE 22ND DECEMBER 2011 / 1ST POUSHA 1933 WP(C).No. 21154 of 2008(R) -------------------------- PETITIONER(S): -------------- SAIC ZACHRIAS, PAYYANIMANDAPATHIL, HOUSE NO. 103, WARD 8, MOONNAMI, PIN - 686 575. BY ADV. SRI.E.K.MADHAVAN SRI.P.V.LOHITHAKSHAN SMT.P.VIJAYAMMA SMT.UMA GOPINATH SRI.V.KRISHNA MENON RESPONDENT(S): -------------- 1. COCHIN STOCK EXCHANGE LTD., MES DR.P.K.L ABDUL GAFOOR MEMORIAL CULTURAL COMPLEX, 36/1565, 4TH FLOOR, JUDGES AVENUE, KALOOR,KOCHI-17, REP.BY ITS EXECUTIVE DIRECTOR. 2. SECURITIES AND EXCHANGE BOARD OF INDIA, MITTAL COURT, B-WING, 224, NARIMAN POINT, MUMBAI - 400 021, REP. BY ITS CHAIRMAN. R1 BY GOVT.PLEADER SRI.NOUSHAD THOTTATHIL R2 BY ADV. SRI.K.M.JAMALUDHEEN THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 22/12/2011, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING: BKA WP(C).No. 21154 of 2008(R) APPENDIX PETITIONER'(S) EXHIBITS: EXT.P1 COPY OF THE LETTER OF THE PETITIONER DATED 30.11.2004 TO THE 1ST RESPONDENT. EXT .P2 COPY OF THE LETTER OF THE PETITIONER DATED 11.04.2008 ADDRESSED TO THE 1ST RESPONDENT. EXT.P3 COPY OF THE LETTER OF THE PETITIONER DATED 11.04.2008 ADDRESSED TO THE SECOND RESPONDENT. EXT.P4 COPY OF THE LTTER OF THE PETITIONER DATED 07.05.2008 ADDRESSED TO THE RESPONDENTS. EXT.P5 COPY OF THE LETTER OF THE PETITIONER DATED 07.05.2008 ADDRESSED TO THE 2ND RESPONDENT. EXT.P6 COPY OF THE LETTER OF THE 1ST RESPONDENT DATED 14.05.2008 TO THE PETITIONER. EXT.P7 COPY OF THE DIRECTION ISSUED BY THE 2ND RESPONDENT. RESPONDENT'(S) ANNEXURES: NIL //TRUE COPY// PA TO JUDGE BKA K. VINOD CHANDRAN, J. ------------------------------------------ WP(C) NO. 21154 OF 2008 ------------------------------------------ Dated this the 22nd day of December, 2011 J U D G M E N T The petitioner in this writ petition is before this Court seeking redressal of his grievances with respect to his resignation from the membership of Cochin Stock Exchange Ltd. and the refund of the amount paid by him as security deposit for the purpose of enrolling him as member. The petitioner has resigned from his membership in the Cochin Stock Exchange Ltd. and surrendered the same as per the procedure prescribed by the Securities And Exchange Board of India guidelines. The petitioner then by application dated 30.11.2004, requested the Cochin Stock Exchange to forward the application to the 2nd respondent, SEBI, for necessary approval. Exts.P2 to P5 reminders WP(C) NO. 21154 OF 2008 ..2.. were sent by the petitioner, but no response was received. Subsequently, by Ext.P6 dated 14.05.2008, Cochin Stock Exchange informed the petitioner that the rules of Cochin Stock Exchange have not yet been cleared and hence only on such rules being made, the petitioner's application can be processed. However, the counsel for the petitioner brings to my notice Ext.P7 by which SEBI has issued guidelines for considering the cancellation of certificate of registration and issue of no due certificate. The counsel for the 2nd respondent also brings to my notice the circular of SEBI bearing No: SND/NDC/MSS/3998/2003 dated 11.03.2003 by which the Cochin Stock Exchange has to forward the documents to the SEBI for processing at their end. It is admitted on behalf of parties that the documents have not yet been forwarded to the SEBI. The Cochin Stock Exchange in their counter affidavit claimed that the petitioner had been suspended and there are dues pending WP(C) NO. 21154 OF 2008 ..3.. to the Cochin Stock Exchange as well as SEBI. The petitioner, however, has controverted the same by filing a reply affidavit contending that no notice was issued to him regarding the suspension, and also denying the said suspension. The Cochin Stock Exchange, but for the mere assertion, does not provide any material before this Court to substantiate the contention of suspension of the petitioner. With respect to the dues of the petitioner, the petitioner would contend that the receipts produced along with the reply affidavit would show that he has remitted the same. The question of dues is one to be considered by the Cochin Stock Exchange as also by the SEBI. In the circumstances, I direct the Cochin Stock Exchange to compute the dues, if any, of the petitioner and forward the necessary documents to SEBI within a period of two weeks from the receipt of a copy of this judgment and the 2nd respondent, SEBI, shall process the same within two months from the date of WP(C) NO. 21154 OF 2008 ..4.. receipt of the documents from the Cochin Stock Exchange. The petitioner shall produce a certified copy of this judgment before the Cochin Stock Exchange for compliance and the Cochin Stock Exchange shall forward a copy of this judgment along with the documents to SEBI. This writ petition is disposed of as above. K. VINOD CHANDRAN, JUDGE bka/-