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REGULATIONS:
SEBI Regulations
Right and Obligation of Investors
Trading Members Regulations
NSE Regulations
BSE Regulations
NSE Regulations relating to Arbitration
Definitions
'Arbitrator' shall mean a sole arbitrator or a panel of
arbitrators. 'Act' shall mean the Arbitration and Conciliation
Act, 1996 and includes any statutory modification, replacement
or re-enactment thereof, for the time being in force.
1. Reference to Arbitration
All claims, differences or disputes between the Trading
Members inter se and between Trading Members and Constituents
arising out of or in relation to dealings, contracts and
transactions made subject to the Bye-Laws, Rules and
Regulations of the Exchange or with reference to anything
incidental thereto or in pursuance thereof or relating to
their validity, construction, interpretation, fulfillment or
the rights, obligations and liabilities of the parties thereto
and including any question of whether such dealings,
transactions and contracts have been entered into or not shall
be submitted to arbitration in accordance with the provisions
of these Byelaws and Regulations.
2. Provisions of these Byelaws and Regulations deemed to form
part of all dealings, contracts and transactions
In all dealings, contracts and transactions, which are made or
deemed to be made subject to the Byelaws, Rules and
Regulations of the Exchange, the provisions relating to
arbitration as provided in these Byelaws and regulations and
shall form and shall be deemed to form part of the dealings,
contracts and transactions and the parties shall be deemed to
have entered into an arbitration agreement in writing by which
all claims, differences or disputes of the nature referred to
in clause (1) above shall be submitted to arbitration as per
the provisions of these byelaws and regulations.
3. Limitation period for reference of claims, differences or
disputes for arbitration All claims, differences or disputes
referred to in clause(1) above shall be submitted to
arbitration within six months from the date on which the
claim, difference or dispute arose or shall be deemed to have
arisen. The time taken in conciliation proceedings, if any,
initiated and conducted as per the provisions of the Act and
the time taken by the Relevant Authority to administratively
resolve the claim, differences or disputes shall be excluded
for the purpose of determining the period of six months.
4. Power of the Relevant Authority to prescribe Regulations
(a) The Relevant Authority may, from time to time prescribe
Regulations for the following:
i) The procedure to be followed by the parties in arbitral
proceedings In particular, and without prejudice to the
generally of the foregoing power, such procedure may, inter
alia, provide for the following:
1. The forms to be used
2. The fees to be paid
3. The mode, manner and time period for submission of all
pleadings by both the parties:
4. Matters relating to requests from the parties for amending
or supplementing the pleadings; and
5. The consequences upon failure to submit such pleadings by
the parties
ii) The procedure to be followed by the arbitrator in
conducting the arbitral proceedings in particular, and without
prejudice to the generality of the foregoing power, such
procedure may, inter alia, provide for
(a) Adjournment of hearings; and
(b) Terms and conditions subject to which the arbitrator may
appoint experts to report on specific issues and the procedure
to be followed in arbitral proceedings upon such an
appointment.
iii) Different set of arbitration procedures for different
claims, differences or disputes after taking into
consideration such circumstances and facts as the Relevant
Authority may deem fit which circumstances and facts may
include the value of the subject matter and the persons who
are involved as parties to such claims, differences or
disputes.
iv) Creation of seats of arbitration for different regions or
prescribing geographical locations for conducting arbitrations
and prescribing the courts which shall have jurisdiction for
the purpose of the Act.
v) The claims, differences or disputes which may be referred
to a sole arbitrator and the claims, differences, or disputes
which may be referred to a panel of arbitrators.
vi) The procedure for selection of persons eligible to act as
arbitrators.
vii) The procedure for appointment of arbitrator
viii) The terms, conditions and qualifications subject to
which any arbitrator may be appointed.
ix) Determination of the number of arbitrators in the case of
a panel of arbitrators
x) The time period within which a substiture arbitrator has to
be appointed in case the office of the arbitrator falls vacant
for any reason whatsoever.
xi) The matters to be disclosed by any person who is
approached in connection with his possible appointment as an
arbitrator.
xii) The procedure to be adopted by the parties for
challenging an arbitrator.
xiii) (a) The claims, differences or disputes which, may be
decided by the arbitrator without a hearing unless either
party in writing requests the Relevant Authority for a hearing
and the time period within which such a request shall be made.
(b) The claims, differences or disputes which, may be decided
by the arbitrator only by hearing the parties unless both the
parties jointly waive the right to such hearing and the time
period within which such a waiver shall be made.
xiv) The place of arbitration for each reference and the
places where the arbitrator can meet for consultation, for
hearing witnesses, experts, or the parties, or for inspection
of documents, goods or other property.
xv) The making of the arbitral award including the manner in
which a decision is to be taken in the case of panel of
arbitrators and the form and contents of the arbitral award.
The term arbitral award shall also include an arbitral award
on agreed terms. Prescriptions as to the contents of the
arbitral award may include provisions for costs and where the
arbitral award is for the payment of money, may include
interest payable on principal sum due.
xvi) The amount of deposit or supplementary deposit, as the
case may be, as an advance for the costs which it expects will
be incurred in respect of the claim, difference or dispute.
Provided where a counter-claim is submitted to the arbitrator,
a separate amount of deposit for the counter-claim may also be
prescribed.
xvii) The administrative assistance which the Exchange may
render in order to facilitate the conduct of arbitral
proceedings.
xviii) All matters regarding the mode and the manner of
service of notices and communications by the parties including
communication addressed to arbitrator.
xix) Any other matter which in the opinion of the Relevant
Authority is required to be dealt with in the Regulations to
facilitate arbitration.
(b) The relevant authority from time to time may amend,
modify, alter, repeal or add to the provisions of the
Regulations.
5. Disclosure by persons to be appointed as arbitrators
Every person who is approached in connection with his possible
appointment as an arbitrator, shall disclose to the Relevant
Authority in writing any circumstances likely to give rise to
justifiable doubts as to his independence and impartiality. If
the person discloses any circumstances which in the opinion of
the Relevant Authority are likely to give rise to justifiable
doubts as to his independence and impartiality, then he shall
not be appointed as an arbitrator.
6. Disclosure by persons appointed as arbitrators
An arbitrator, from time to time of his appointment and
throughout the arbitral proceedings, shall without delay
disclose to the Relevant Authority in writing any
circumstances referred to in clause(5) above which have come
to his knowledge after his appointment as an arbitrator.
7. Termination of mandate of the arbitrator The mandate of the
arbitrator shall terminate if
(a) The arbitrator withdraws from office for any reason; or
(b) In the opinion of the Relevant Authority, the arbitrator
becomes de jure or de facto unable to perform his functions or
for other reasons fails to act without undue delay including
failure to make the arbitral award within the time period
prescribed by the Relevant Authority. Such a decision of the
Relevant Authority shall be final and binding on the parties;
or
(c) The mandate of the arbitrator is terminated by the
Relevant Authority upon receipt of written request for the
termination of the mandate of the arbitrator from both the
parties to arbitration; or
(d) The arbitrator discloses any circumstances referred to in
clauses (5) and (6) which in the opinion of the Relevant
Authority are likely to give rise to justifiable doubts as to
his independence and impartiality.
(e) The arbitral proceedings are terminated as provided for
herein.
8. Supplying of vacancy to the office of the arbitrator
At any time before the making of the arbitral award should the
office of the arbitrator fall vacant for any reason whatsoever
including any vacancy due to the illness or death of the
arbitrator or termination of the mandate of the arbitrator by
the Relevant Authority or otherwise, the vacancy shall be
supplied by the Relevant Authority by following the same
procedure as specified by it for appointment of the
arbitrator.
9. Consideration of recorded proceedings and evidence
Unless otherwise agreed by parties, any arbitrator who has
been appointed by the Relevant Authority to supply a vacancy
to the office of the arbitrator, may repeat any hearings
previously held.
10. Order or ruling of previous arbitrator not invalid
An order or ruling of the arbitrator made prior to the
termination of his mandate shall not be invalid solely because
his mandate has been terminated. Provided that when the
termination has been effected to pursuant to clause (7)(I)(d),
the order or ruling of the arbitrator made prior to
termination of his mandate shall become invalid unless
otherwise agreed upon by the parties.
11. Interim arbitral award and interim measures ordered by the
arbitrator
The arbitrator may be empowered to make an interim arbitral
award as well as to provide interim measures of protection. An
arbitrator may require a party to provide appropriate security
in connection with an interim measure.
12. Appearance in arbitral proceedings by counsel, attorney or
advocate
In arbitral proceedings where both the parties are Trading
Members, the parties shall not be permitted to appear by
counsel, attorney or advocate but where one of the parties is
a Constituent, the Constituent shall be permitted to appear by
counsel, attorney or advocate. If the Constituent chooses to
appear by counsel, attorney or advocate, then the Trading
Member shall be granted a similar privilege.
13. Arbitral award by arbitrator
The arbitrator shall make the arbitral award within one month
from the date of entering upon the reference and the time to
make the award may be extended from time to time by the
Relevant Authority on an application by either of the parties
or the arbitrator as the case might be. For the purpose of
this clause the arbitrator shall be deemed to have entered
upon a reference on the date on which the arbitrator has or is
deemed to have applied his mind.
14. Arbitration proceedings subject to the provisions of the
act
The arbitration proceedings as provided for by the provisions
of these Byelaws and Regulations shall be subject to the
provisions of the Act to the extent not provided for in these
Byelaws or the Regulations.
15. Construction of references
For the purposes of section 2(6) of the Act, in all claims,
differences or disputes which are required to be submitted to
arbitration as per the provisions of these Byelaws and the
Regulations, wherever Part 1 of the Act leaves the parties
free to determine a certain issue, the parties shall be deemed
to have authorised the Relevant Authority to determine that
issue.
16. Administrative assistance
For the purpose of section 6 of the Act, in all claims,
differences or disputes which are required to be submitted to
arbitration as per the provisions of these Byelaws and
Regulations, the parties shall be deemed to have arranged for
administrative assistance of the Relevant Authority in order
to facilitate the conduct of the arbitral proceedings.
17. Jurisdiction
All parties to a reference to arbitration under these Byelaws
and Regulations and the persons, if any, claiming under them,
shall be deemed to have submitted to the exclusive
jurisdiction of the courts in Mumbai or any other court as may
be prescribed by the Relevant Authority for the purpose of
giving effect to the provisions of the Act.
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