A notice is published in widely circulated daily newspapers notifying the trading member who has been declared defaulter. Claims against the trading member specified in the notice are required to be made, on or before three months from the date of such published notice. The claimant is required to submit full details and all relevant facts of the case duly supported by copies of the relevant documents.
The trustees in disallowing (whether wholly or partly) a claim for compensation shall serve notice of such disallowance on the claimant. The trustees may at any time and from time to time require any person to produce and deliver any securities, documents or statements of evidence necessary to support any claim made or necessary for the purpose of establishing his claims. In default of delivery of such documents, the trustees may disallow (wholly or partly) any claim made by him.
The trustees, if satisfied that the default on which the claim is founded was actually committed, may allow the claim and act accordingly. The trustees have an absolute discretion as regards the mode and method of assessing the nature of the claim including their genuineness and at their discretion may accept, reject or partially grant or allow claims and make payment thereof subject to the limits herein mentioned.
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