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Bombay HC – SEBI Circular on Pre-trade Confirmation Cannot Shield Investors from Authorized Trading Losses

January 4, 2026 legaldeli

The husband and wife & medical professionals – had trading demat accounts with the petitioner between 2008 to 2020.

After retirement, they had taken active interest in trading and also joined tuitions to learn about stock market. They came in contact with Siddhi.

They had authorized Siddhi to carry out trades to the F & O Segment. However, the losses were incurred in several trades. As a result, the shares in their accounts kept as margin money were required to be sold.

The couple approached IGRC of NSE for their losses due to Siddhi. IGRC passed orders granting the claims of the couple on the ground that no call recording for pre-trade and post-trade confirmation for the trades were maintained by the petitioner.

The sole Arbitrator confirmed the said orders of IGRC. Similarly, the Arbitral Appellate Tribunal also dismissed the appeals of the petitioner.

The sole basis for grant of claims was the SEBI Circular dated 22.3.2018 in respect of pre-trade confirmations record.

In that context, it was observed that the couple had trusted Siddhi an allowed her to effect trades on their behalf. This is not a case where Siddhi is an unknown person to the respondents and had made unauthorized trades. Therefore, the respondents cannot take shelter behind regulatory directives of SEBI Circular dated 22.3.2018 and hold the petitioner responsible for their losses.

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