Dispute resolution mechanism for LPCCs requires SEBI prescribed procedures and arbitration for clearing disputes and claims. A Dispute Resolution Mechanism is mandated for Recognized Limited Purpose Clearing Corporations to settle disputes arising from transactions they clear and settle, in accordance with procedures prescribed by SEBI. Inter Clearing Member disputes shall be resolved by conciliation and/or a three member arbitration panel of non party Clearing Members, whose decision is final and binding subject to recourse under the Payment and Settlement Systems Act. Disputes involving Clearing Members, Clients, LPCCs, and vendors must follow SEBI prescribed mechanisms; LPCCs must notify members, publish the provisions, amend bye laws and communicate changes to the regulator.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Dispute resolution mechanism for LPCCs requires SEBI prescribed procedures and arbitration for clearing disputes and claims.
A Dispute Resolution Mechanism is mandated for Recognized Limited Purpose Clearing Corporations to settle disputes arising from transactions they clear and settle, in accordance with procedures prescribed by SEBI. Inter Clearing Member disputes shall be resolved by conciliation and/or a three member arbitration panel of non party Clearing Members, whose decision is final and binding subject to recourse under the Payment and Settlement Systems Act. Disputes involving Clearing Members, Clients, LPCCs, and vendors must follow SEBI prescribed mechanisms; LPCCs must notify members, publish the provisions, amend bye laws and communicate changes to the regulator.
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