P.R. Shah Shares & Stock Brokers (P)Ltd vs M/S. B.H.H. Securities (P) Ltd. & Ors

The Supreme Court addressed the arbitration dispute under the Bye-laws of the Mumbai Stock Exchange, specifically Bye-laws 248 to 315L, which govern arbitration between members. The Court held that the arbitration process initiated by the first respondent against the appellant and second respondent was valid and enforceable, emphasizing the binding nature of the Exchange's Bye-laws despite their non-statutory origin. The Court affirmed the arbitration award in favor of the first respondent, thereby upholding the principles of contractual obligations and arbitration in financial transactions.