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14.It is the case of the petitioner that for every transaction an Electronic Contract Note (ECN) was sent to the respondent no.1, including for the transaction-dated 21.08.2009. The learned senior counsel for the petitioner, relying on Clause 13 of the MCA, submits that the respondent no.1 had agreed to receive the ECNs. Clause 13 of the MCA is reproduced herein below:

"The Stock Broker shall send electronic contract notes, bills, ledgers, transaction statement, reports, letters, circulars, notices etc. to the Client for the trades / transactions done on the Exchange to the email ID of the Client'."

(Emphasis Supplied)

30.A reading of the above clause leaves no doubt that the respondent no. 1 had agreed to receive the Contract Notes, ledger etc. in electronic form through e-mail. The Appellate Arbitral Tribunal has lost sight of the said Clause. It was for the respondent no. 1 to have contemporaneously challenged the transactions mentioned in such Contract Notes and Ledgers.

31.Faced with the above position, the learned counsel for the respondent no.1 contended that even though the ECNs were received by the respondent no.1, they had not been digitally signed by the petitioner. He submits that as per guidelines, the ECN has to be digitally signed and in absence thereof, it could not have been relied upon.