Automation of the Arbitration Mechanism available through Stock Exchanges
With a view to incorporate transparency and to remove any scope of unfairness to investors seeking arbitration, the Securities Exchange Board of India vide its circular CIR/MRD/ICC/8/2013 dated 18.03.2013 has notified the introduction of an automated process in the existing arbitration mechanism available through Stock Exchanges. This innovated mechanism shall replace the process of appointment of Arbitrator that is currently being followed at the Stock Exchanges. The summary of the changes to be incorporated by the Stock Exchanges in this regard are as follows: Ms. Deepika Vijay Sawhney Partner +919818316936 deepika@indiacp.com 1. ‘Common Pool'' of Arbitrators : SEBI has suggested that the list of arbitrators on the panel of every stock exchange which has nationwide terminals shall be consolidated and be called a ‘Common Pool’. This pooling of the names shall be done centre wise so that any applicant from within the region covered by that centre can choose an a...