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of <h1>SEBI Updates Arbitration Rules for Stock Exchanges; Proceedings to Align with Client's KYC Address Proximity.</h1> The circular from SEBI modifies the arbitration mechanism for stock exchanges, specifically altering paragraph 8 of a previous circular. Stock exchanges with nationwide terminals must provide arbitration and appellate arbitration facilities at centers specified by SEBI, with proceedings held nearest to the client's KYC address. Other exchanges should offer these services at their location. Applications challenging appellate decisions must be filed in the court nearest to the client's KYC address. Stock exchanges are instructed to amend their rules accordingly, inform their members, and report implementation status to SEBI. SEBI will inspect exchanges for compliance, and the circular is effective immediately.
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