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TMI BlogCorrigendum cum Amendment to Circular dated July 31, 2023 on Online Resolution of Disputes in the Indian Securities MarketX X X X Extracts X X X X X X X X Extracts X X X X ..... Online Resolution of Disputes in the Indian Securities Market 1. SEBI issued circular no. SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/131 dated July 31, 2023 providing the guidelines for online resolution of disputes in the Indian securities market. 2. Pursuant to feedback received, need for additional clarity or correction of language used, the circular stands modified as under: I. Clause 8 of the circular stands substituted as under: All listed companies / specified intermediaries / regulated entities in the securities market (collectively referred to as Market Participant/s ) shall enrol on the ODR Portal within the timelines as specified at paragraphs 46 and 47 of this circular and shall be deemed to have been enrolled ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... kruptcy Code is in operation due to the insolvency process or if liquidation or winding up process has been commenced against the Market Participant). IV. Clause 17 of the circular stands substituted as under: The ODR Institution that receives the reference of the complaint/dispute shall appoint a sole independent and neutral conciliator from its panel of conciliators. Such conciliator shall have relevant qualifications or expertise (please refer to Schedule D) and should not be connected with or linked to any disputing party. MIIs shall ensure that appropriate measures are put in place regarding appointment of conciliators by the ODR Institutions. V. In the first sentence of Clause 20.c. of the circular, 75% shall stand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (ii) if in case the the institutional or corporate client is not registered in India or does not have its principal place of business in India, then the place where the specified intermediaries / regulated entities in securities market as specified in Schedule B has its registered in India or has its principal place of business in India or (iii) such court of competent jurisdiction in India as the institutional or corporate clients and specified intermediaries / regulated entities in securities market as specified in Schedule B may agree upon. X. Clause 49 shall also include the following circulars: n-i. Circular No.: CIR/MIRSD/11/2013 dated October 28, 2013 XI. Clause 50. e. of the circular is modified as un ..... X X X X Extracts X X X X X X X X Extracts X X X X
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