TaxTMI 
TaxTMI 
Amendment pursuant to comprehensive review of Investor Grievance Redressal Mechanism
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.... and also to provide choice to parties, Stock Exchanges/ Depositories shall disseminate information w.r.t. brief profile, qualification, areas of experience/ expertise, number of arbitration matters handled, pre-arbitration experience, etc. of the arbitrators on their website. B. Submission of documents in soft copies In order to assist the arbitrators in pronouncing comprehensive and speedy awards, Stock Exchanges/ Depositories shall make necessary arrangements in terms of hardware viz., computer, scanner, printer, etc. and required software's at exchange offices/ Investor Service Centers (ISCs) to facilitate the clients to type/ convert their documents into electronic format/ soft copy. Such electronic format/ soft copies shall be provided to the arbitrators along with original submissions in physical copies. C. Review and Training of arbitrators Investor Service Committee of the Stock Exchanges/ Depositories shall review the performance of the arbitrators annually and submit the review report to the Board of the Stock Exchange/ Depository. Training need of the arbitrators will be catered by National Institute of Securities Markets (NISM). Cost of training of arbitrat....
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....trators shall be in compliance with Arbitration and Conciliation (Amendment) Act, 2015. J. Speeding up grievance redressal mechanism (i) In order to have faster implementation of award and to discourage delayed filling of arbitrations by members, the fee structure (exclusive of statutory dues - stamp duty, service tax, etc.) for filling arbitration reference shall be as follows:- Amount of Claim / Counter Claim, whichever is higher (Rs.) If claim is filed within six months from the date of dispute If claim is filed after six months from the date of dispute or after one month from the date of IGRP order, whichever is later If the claim is filed beyond the timeline prescribed in column 3, (only for member) ≤ 10,00,000 1.3% subject to a minimum of Rs. 10,000 3.9% subject to a minimum of Rs. 30,000 Additional fee of Rs. 3,000/- per month over and above fee prescribed in column 3 > 10,00,000 - 25,00,000 ≤ Rs. 13,000 plus 0.3% amount above Rs. 10 lakh Rs. 39,000 plus 0.9% amount above Rs. 10 lakh Additional fee of Rs. 6,000/- per month over and above fee prescribed in column 3 > 25,00,000 Rs.....
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....in any other manner as may be prescribed/ permitted by SEBI in the interest of investors; d) To meet the legitimate claims of the beneficial owners, upto the maximum cap as to be determined by the depository, in case the same is not settled by the beneficial owner indemnity insurance; 2. Interest on IPF Stock Exchanges: a) To further strengthen the corpus, 75% of interest on IPF earned every year shall be treated as corpus of IPF; b) The balance 25% may be utilized by the exchange for promotion of investor education and investor awareness programmes through seminars, lectures, workshops, publications (print and electronic media), training programmes etc. aimed at enhancing securities market literacy, promoting retail participation in securities market and undertaking research activities related to securities market. Capital expenditure would be permissible only w.r.t. setting up of Investor Service Centre. However, no expenditur....
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....th the IPF Trust and SEBI, shall review and progressively increase the amount of interim relief available against a single claim for an investor, atleast every three years. (ii) The Stock Exchanges shall disseminate the interim relief limit fixed by them and any change thereof, to the public through a Press Release and also through its website. (iii) In case, award is in favour of client and the member opts for arbitration wherein the claim value admissible to the client is not more than Rs. 20 lakhs (Rs. Twenty lakhs), the following steps shall be undertaken by the Stock Exchange: a) In case the IGRP award is in favour of the client then 50% of the admissible claim value or Rs. 2.00 lakhs (Rs. Two lakhs), whichever is less, shall be released to the client from IPF of the Stock Exchange. b) In case the arbitration award is in favour of the client and the member opts for appellate arbitration then 50% of the amount mentioned in the arbitration award or Rs. 3.00 lakhs (Rs. Three lakhs), whichever is less, shall be released to the client from IPF of the Stock Exchanges. The amount released shall exclude the amount already released to the client at c....
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.... Defaulters' Committee i. To realize all the assets / deposits of the defaulter/ expelled member and appropriate the same amongst various dues and claims against the defaulter/ expelled member in accordance with the Rules, Byelaws and Regulations of the exchange. ii. In the event both the clearing member and his constituent trading member are declared defaulter, then the Defaulter's Committee of the stock exchange and the Defaulter's Committee of the clearing corporation shall work together to realise the assets of both the clearing member and the trading member. iii. Admission or rejection of claims of client/ trading members/ clearing members over the assets of the defaulter/ expelled member. iv. Advise in respect of the claims to the Trustees of the IPF on whether the claim is to be paid out of IPF or otherwis....