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<h1>SEBI Revamps Arbitration: Common Pool of Arbitrators, Automatic Selection Process, Effective April 1, 2013.</h1> The Securities and Exchange Board of India (SEBI) has introduced changes to the arbitration mechanism at stock exchanges with nationwide trading terminals. A 'Common Pool' of arbitrators will be formed, accessible to applicants regionally. If parties fail to select an arbitrator, an 'Automatic Process' will randomly assign one. This process will generate real-time alerts to involved parties. In case of conflicts of interest, arbitrators must decline, triggering another selection. Amendments to stock exchange bye-laws are required for implementation, effective April 1, 2013. SEBI will inspect compliance with these changes, modifying a previous circular from 2010.