KUALA LUMPUR: The Federal Court on Monday dismissed PM Securities Sdn Bhd’s application for leave to appeal against two decisions of the Court of Appeal in dismissing its judicial review applications against the Securities Industry Dispute Resolution Centre’s (Sidrec) award.
The Securities Commission (SC), which set up the alternative dispute resolution body in 2011, said in a statement that PM Securities had filed two judicial review applications in 2013 to quash awards issued by Sidrec in favour of the claimants.
The stockbroking firm had challenged Sidrec’s due process and the adjudicator’s finding that PM Securities was liable as a principal for the loss incurred by the misconduct of its representative.
SC said in dismissing PM Securities’ application for judicial review in August 2015, the High Court held that Sidrec’s handling of the dispute resolution was fair based on the centre’s terms of reference and that the language of the standard remisiers’ agreement unambiguously and unequivocally created an agency relationship between PM Securities and its representative.
The High Court’s decision was subsequently affirmed by the Court of Appeal.
Sidrec was established by SC under the Capital Markets and Services (Dispute Resolution) Regulations 2010, to provide an independent and impartial avenue to resolve disputes between investors and capital market intermediaries.
Its dispute resolution services are open to all individual investors and are free to investors for claims up to RM250,000.
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