India, Feb. 6 -- The Bombay High Court has quashed orders directing a stock broking firm to refund brokerage of Rs.66.66 lakh to a city-based chartered accountant (CA) who had shared the login ID and password of his demat account with a stranger, allowing him to operate the account and execute massive trading transactions.

A single-judge bench of justice Sandeep Marne held that the CA, Shashi Mehra, was not entitled to any refund as the losses and brokerage liability arose from his own conduct in permitting unauthorised access to his trading account.

The court was hearing a petition filed by Nirmal Bang Securities Pvt Ltd, which challenged orders passed by the Investor Grievance Redressal Committee (IGRC), an arbitral tribunal and an ap...