Arbitration mechanism in stock exchanges: mandatory panels, timelines, fee rules, appellate process and award implementation. Exchanges must provide an arbitration mechanism for client member disputes under the Arbitration and Conciliation Act, maintain a panel of arbitrators selected on transparent criteria with required declarations, education and performance appraisal, and enforce a code of conduct. Procedural rules include limitation under the Limitation Act, sole arbitrator for claims up to Rs.25 lakh, three arbitrators above that, 30 day appointment timelines, awards within four months (with limited extensions), appellate arbitration timelines, prescribed deposits and fee scales with limited exemptions, venue requirements for national and other exchanges, escrow and payment procedures for awards favoring clients, and mandatory recordkeeping and public disclosure.