Constitution of Arbitration Committees and Arbitration Panels

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....ir, Sub: Constitution of Arbitration Committees and Arbitration Panels. Please refer to SEBI order dated April 20, 1993 passed under section 8 of the Securities Contract (Regulation) Act, 1956 directing the stock exchanges to amend their Rules or Articles of Association inter alia to provide for the constitution of Arbitration Committee. As per para 7 of the said order, it is provided that t....

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....o this recommendation it has been decided that the provision of the Rules or Articles of Association, as the case may be, and bye-laws of the stock exchanges shall provide that in respect of dispute between members and non members the arbitration committees /arbitration councils / arbitration panels shall consist of persons other than members of the stock exchange who shall be nominated with prior....

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....ket. In order to ensure that there is no delay in the disposal of arbitration proceedings which have already commenced, the member arbitrators shall continue till the disposal of such proceedings.  The award in such cases shall be given within a period of three months from the date of this circular. The Exchanges are directed to bring the provisions of this circular to the notice of the....