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TMI BlogArbitration Mechanism in Stock ExchangesX X X X Extracts X X X X X X X X Extracts X X X X ..... t and a member through arbitration proceedings in accordance with the provisions of this Circular read with Section 2(4) of the Arbitration and Conciliation, Act, 1996. 3. Maintenance of a Panel of Arbitrators 3.1 A stock exchange shall maintain a panel of arbitrators. The number of arbitrators in the panel shall be commensurate to the number of disputes so that an arbitrator handles a reasonable number of references simultaneously and all arbitration references are disposed of within the prescribed time. 3.2 The stock exchange shall have a set of fair and transparent criteria for inclusion of names in the panel of arbitrators. 3.3 While deciding to include a particular person in the panel of arbitrators, the stock exchange sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esponsibilities; v. avoid any interest or activity which is in conflict with the conduct of his duties as an arbitrator; vi. avoid any activity that may impair, or may appear to impair, his independence or objectivity; vii. conduct arbitration proceedings in compliance with the principles of natural justice and the relevant provisions of the Arbitration and Conciliation Act, 1996, the SEBI Act, 1992, the Securities Contracts (Regulation) Act, 1956 and the Rules, Regulations and Bye-laws framed thereunder and the circulars, directions issued by the Government / SEBI; viii. endeavour to pass arbitral award expeditiously and in any case not later than the time prescribed in this circular; and ix. pass reasoned and speaking arbit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s completed within 30 days from the date of receipt of application for appellate arbitration. 6.5 The appeal shall be disposed of within three months from the date of appointment of appellate panel of such appeal by way of issue of an appellate arbitral award. 6.6 The Managing Director/ Executive Director of the stock exchange may for sufficient cause extend the time for issue of appellate arbitral award by not more than two months on a case to case basis after recording the reasons for the same. 6.7 A party aggrieved by the appellate arbitral award may file an application to the Court of competent jurisdiction in accordance with Section 34 of the Arbitration and Conciliation Act, 1996. 7. Arbitration Fees 7.1 Each of the par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isputed transaction(s) were executed/ settled. 7.3 On issue of the arbitral award, the stock exchange shall refund the deposit, if any, to the party in whose favor the award has been passed and appropriate the deposit, if any, made by the party, against whom the award has been passed, towards arbitration fees. 7.4 A party filing an appeal before the appellate panel [as mentioned under item 6 above] shall pay a fee not exceeding ₹ 30,000,as may be prescribed by the stock exchange, in addition to statutory dues (stamp duty, service tax, etc) along with the appeal. 8. Place of Arbitration 8.1 The Stock Exchanges having nationwide terminals, such as National Stock Exchange of India Ltd., Bombay Stock Exchange Ltd., MCX Stock ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the time for making an application to a Court to set aside such appellate arbitral award under Section 34 of the Arbitration and Conciliation Act, 1996 has expired, and no application has been made, or b. when an application to a Court to set aside such appellate arbitral award under Section 34 of the Arbitration and Conciliation Act, 1996, having been made, it has been refused by such Court, or c. an application to a Court to set aside such appellate arbitral award under Section 34 of the Arbitration and Conciliation Act, 1996, having been made, but where no stay has been granted by such Court within a period of three months from the date on which the party making that application had received the appellate arbitral award. 10. R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act 1992, read with Section 10 of the Securities Contracts (Regulation) Act, 1956 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and shall come into effect from September 1, 2010. 14. This circular supersedes the following SEBI Circulars:- i. SMDRP/POLICY /CIR - 22 /99 dated July 09, 1999 ii. SMD/Policy/Cir-06/2002 dated March 27, 2002 iii. MRD/ Policy/Cir-18/2002 dated August 28, 2002 iv. MRD/ Policy/Cir-26/2002 dated October 30, 2002 v. SEBI/SMD/SE/13 /2003/10/04 dated April 10, 2003 vi. MRD/DSA/Arb/4623/2004 dated March 05, 2004 vii. MRD/DSA/SE/C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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