TaxTMI 
TaxTMI 
Arbitration Mechanism in Stock Exchanges
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....proceedings in accordance with the provisions of this Circular read with Section 2(4) of the Arbitration and Conciliation, Act, 1996. 3. Maintenance of a Panel of Arbitrators 3.1 A stock exchange shall maintain a panel of arbitrators. The number of arbitrators in the panel shall be commensurate to the number of disputes so that an arbitrator handles a reasonable number of references simultaneously and all arbitration references are disposed of within the prescribed time. 3.2 The stock exchange shall have a set of fair and transparent criteria for inclusion of names in the panel of arbitrators. 3.3 While deciding to include a particular person in the panel of arbitrators, the stock exchange shall take into account the following factors: ....
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....flict with the conduct of his duties as an arbitrator; vi. avoid any activity that may impair, or may appear to impair, his independence or objectivity; vii. conduct arbitration proceedings in compliance with the principles of natural justice and the relevant provisions of the Arbitration and Conciliation Act, 1996, the SEBI Act, 1992, the Securities Contracts (Regulation) Act, 1956 and the Rules, Regulations and Bye-laws framed thereunder and the circulars, directions issued by the Government / SEBI; viii. endeavour to pass arbitral award expeditiously and in any case not later than the time prescribed in this circular; and ix. pass reasoned and speaking arbitral awards. 5. Arbitration 5.1 The limitation period for filing an arbi....
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....The appeal shall be disposed of within three months from the date of appointment of appellate panel of such appeal by way of issue of an appellate arbitral award. 6.6 The Managing Director/ Executive Director of the stock exchange may for sufficient cause extend the time for issue of appellate arbitral award by not more than two months on a case to case basis after recording the reasons for the same. 6.7 A party aggrieved by the appellate arbitral award may file an application to the Court of competent jurisdiction in accordance with Section 34 of the Arbitration and Conciliation Act, 1996. 7. Arbitration Fees 7.1 Each of the parties to arbitration [as mentioned under item (5) above], shall deposit an amount, as may be prescribed by the....
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....A party filing an appeal before the appellate panel [as mentioned under item 6 above] shall pay a fee not exceeding ₹ 30,000,as may be prescribed by the stock exchange, in addition to statutory dues (stamp duty, service tax, etc) along with the appeal. 8. Place of Arbitration 8.1 The Stock Exchanges having nationwide terminals, such as National Stock Exchange of India Ltd., Bombay Stock Exchange Ltd., MCX Stock Exchange Ltd., and United Stock Exchange of India Ltd., shall provide arbitration facility (arbitration as well as appellate arbitration) at all four regional centres (Delhi, Mumbai, Kolkata and Chennai). The arbitration and appellate arbitration shall be conducted at the regional centre nearest to the client. The application....
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....996, having been made, it has been refused by such Court, or c. an application to a Court to set aside such appellate arbitral award under Section 34 of the Arbitration and Conciliation Act, 1996, having been made, but where no stay has been granted by such Court within a period of three months from the date on which the party making that application had received the appellate arbitral award. 10. Record and Disclosures 10.1 The stock exchange shall preserve the following documents related to arbitration: i. the arbitral and appellate arbitral award with acknowledgements, confirming receipt of award by the disputing parties, permanently; ii. other records pertaining to arbitration for five years from the date of arbitral award, appel....