The Securities and Exchange Board of India (SEBI) on December 28, 2023, updated the Master Circular for Online Resolution of Disputes in the Indian Securities Market.
The following amendments have been stated:
In para 3, clause b has been substituted:
By harnessing any independent institutional mediation, independent institutional conciliation and/or independent arbitration institution in India.
The seat and venue of mediation, conciliation and/or arbitration shall be in India and can be conducted online.
The fees, charges and costs for the independent mediation institution or independent conciliation institution and/or independent arbitration institution (and of the mediators/conciliators/arbitrators), and other applicable costs, charges and expenses may be as prescribed by such institution/s or as agreed upon by the parties with such institution/s.
The claims/complaints/disputes that arise from the activities or roles performed or to be performed by the specified intermediaries or regulated entities pertaining to the Indian securities market are in the scope of this clause.
The SEBI has majorly amended the various paragraphs of the Master Circular, and for better understanding, the same has been attached below.
[Notification No. SEBI/HO/OIAE/OIAE_IAD-3/P/CIR/2023/195]
