Placed a TELEPHONIC order to buy and broker wrongly sold

Newly listed sme stock in T2T with 3000 share lot was wrongly sold by broker wherein my order was for purchase. Though the senior manager and compliance officer accepted mistake ,it is a T2T share there can not be auction but ONLY SQUARED OFF @ around 20 % higher rate means the broker will suffer 55-60 thousand loss. my query is will he pay at his own or is there any insurance against such genuine mistakes by brokers ?

It is broker’s headache.