EXTRACTS FROM THE BYELAWS & REGULATIONS PERTAINING TO ARBITRATION
All claims, differences or disputes between the Trading Members and Constituents arising out in relation to dealings with contracts and transactions are subjected to the Bye-Laws Rules and Regulations of the Exchange or in reference to anything incidental there or in pursuance there or issue related to their validity, construction, interpretation, fulfillment or the rights, obligations and liabilities of the parties there and including any question of whether such dealings transactions and contracts have been entered into or not be submitted to arbitration as per the provisions of these Bye-Laws and Regulations.
In all the dealings/contracts and transactions which are made or deemed are subjected to the Bye-Laws Rules and Regulations of the Exchange. The provisions related to arbitration as provided in these Bye-Laws and Regulations shall formed 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 on paper with the help of this, all claims differences of the nature referred to in clause(1) mentioned above will be submitted to the arbitration in accordance with the provisions of these Bye- Laws and Regulations.
All the Claims, differences or disputes associated in clause(1) above shall be submitted to arbitration within 3 years since the date of claim, difference or dispute took place or arose. The time taken in conciliation proceedings if any are initiated and conducted as per the provisions of the Act and duration used by relevant authority to administratively resolve such an issue shall be excluded for the purpose of determining the period of 3 years.
Save as otherwise specified by the Relevant Authority the seat of arbitration for different regions shall be as follow:
|Seats Of ARBITRATION-REGIONAL ARBITRATION CENTRES(RAC)||STATES & UNION TERRITORIES COVERED BY THE RAC|
|DELHI||Delhi, Haryana, Uttar Pradesh, Himachal Pradesh, Punjab, Jammu & Kashmir, Chandigarh, Rajasthan, Uttranchal.|
|KOLKATA||West Bengal, Bihar, Orissa, Assam, Arunachal Pradesh, Mizoram, Manipur, Sikkim, Meghalaya, Nagaland, Tripura, Jharkhand, Chhatisgarh.|
|CHENNAI||Andhra Pradesh, Karnataka, Kerala, Tamilnadu, Andaman & Nicobar, Lakshadweep, Pondicherry.|
|MUMBAI||Maharashtra, Gujrat, Goa, Daman, Diu, Dadra & Nagar Haveli, Madhya Pradesh.|
By any Relevant Authority, the criteria for selection of seat of arbitration for any particular matter is as follows:
|Parties to Dispute||Place of filling the Application for Arbitration||Place of Hearing|
|TM* V/s Trading Member||(a) If the dealing Offices of both Trading Members From where the dealing was carried is situated in any one of the states covered by the particular RAC then the Application for Arbitration shall be filed by the Applicant-Trading Member in that RAC.||The hearing shall be held at the RAC where the Applicant-Trading Member has filed the Application for Arbitration and the Respondent- Trading Member shall attend the hearing in that particular RAC.|
|If the dealing Offices of both Trading Members From where the dealing was carried is situated in any one of the states covered by the particular RAC then the Application for Arbitration shall be filed by the Applicant-Trading Member in that RAC. If the dealing offices of both Trading Member s from where the dealing was carried out are situated in states covered by different RACs then the Application for Arbitration s hall be filed in the RAC covering the state in which the Respondent-Trading Members dealing office is situated.|
|TM V/s C* & C V/s TM||The Application for Arbitration s hall be filed by the Applicant at the RAC covering the state in which the Constituent Ordinarily Resides.||The hearing shall be held in that RAC where the Applicant has filed the Application for Arbitration and the Respondent shall attend the hearing in that particular RAC.|
Unless, specifically agreed on paper in context of any claim, disputes and differences between the Constituent and Trading Member arose from an internet trading, the seat of arbitration shall be the Regional Arbitration Center within the zone in which the Constituent ordinarily resided at the time of relevant trading, provided however in respect of a Non-Resident Indian Constituent, the seat of arbitration shall be the RAC in the area of which the correspondence office of the Trading Member is situated.
*”TM” stands for “Trading Member” and “C” stands for “Constituent”For more information please refer to Chapter XI of the Bye-Laws and Chapter 5 of Capital Market Trading Regulations of The National Stock Exchange of India Ltd.