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TMI BlogAmendment pursuant to comprehensive review of Investor Grievance Redressal MechanismX X X X Extracts X X X X X X X X Extracts X X X X ..... ies shall disseminate information w.r.t. brief profile, qualification, areas of experience/ expertise, number of arbitration matters handled, pre-arbitration experience, etc. of the arbitrators on their website. B. Submission of documents in soft copies In order to assist the arbitrators in pronouncing comprehensive and speedy awards, Stock Exchanges/ Depositories shall make necessary arrangements in terms of hardware viz., computer, scanner, printer, etc. and required software's at exchange offices/ Investor Service Centers (ISCs) to facilitate the clients to type/ convert their documents into electronic format/ soft copy. Such electronic format/ soft copies shall be provided to the arbitrators along with original submissions in physical copies. C. Review and Training of arbitrators Investor Service Committee of the Stock Exchanges/ Depositories shall review the performance of the arbitrators annually and submit the review report to the Board of the Stock Exchange/ Depository. Training need of the arbitrators will be catered by National Institute of Securities Markets (NISM). Cost of training of arbitrators may be incurred from ISF. D. Mechanism for implementation of award S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eeding up grievance redressal mechanism (i) In order to have faster implementation of award and to discourage delayed filling of arbitrations by members, the fee structure (exclusive of statutory dues - stamp duty, service tax, etc.) for filling arbitration reference shall be as follows:- Amount of Claim / Counter Claim, whichever is higher (Rs.) If claim is filed within six months from the date of dispute If claim is filed after six months from the date of dispute or after one month from the date of IGRP order, whichever is later If the claim is filed beyond the timeline prescribed in column 3, (only for member) ≤ 10,00,000 1.3% subject to a minimum of ₹ 10,000 3.9% subject to a minimum of ₹ 30,000 Additional fee of ₹ 3,000/- per month over and above fee prescribed in column 3 > 10,00,000 - 25,00,000 ≤ ₹ 13,000 plus 0.3% amount above ₹ 10 lakh ₹ 39,000 plus 0.9% amount above ₹ 10 lakh Additional fee of ₹ 6,000/- per month over and above fee prescribed in column 3 > 25,00,000 ₹ 17,500 plus 0.2 % amount above ₹ 25 lakh subject to maximum of ₹ 30,000 ₹ 52,500 plus 0.6 % amount above ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ository, in case the same is not settled by the beneficial owner indemnity insurance; 2. Interest on IPF Stock Exchanges: a) To further strengthen the corpus, 75% of interest on IPF earned every year shall be treated as corpus of IPF; b) The balance 25% may be utilized by the exchange for promotion of investor education and investor awareness programmes through seminars, lectures, workshops, publications (print and electronic media), training programmes etc. aimed at enhancing securities market literacy, promoting retail participation in securities market and undertaking research activities related to securities market. Capital expenditure would be permissible only w.r.t. setting up of Investor Service Centre. However, no expenditure to be incurred on product promotion in any manner. c) In any other manner as may be prescribed/ permitted by SEBI in the interest of investors; Depositories: To further strengthen the corpus , 100% of Interest on IPF shall be treated as corpus of IPF 3. ISF Exchanges: a) ISF may be utilized only for promotion of investor education and investor awareness programmes through seminars, lectures, workshops, publications (print and electronic m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ver is less, shall be released to the client from IPF of the Stock Exchange. b) In case the arbitration award is in favour of the client and the member opts for appellate arbitration then 50% of the amount mentioned in the arbitration award or ₹ 3.00 lakhs (Rs. Three lakhs), whichever is less, shall be released to the client from IPF of the Stock Exchanges. The amount released shall exclude the amount already released to the client at clause (a) above. c) In case the appellate arbitration award is in favour of the client and the member opts for making an application under Section 34 of the Arbitration and Conciliation Act, 1996 to set aside the appellate arbitration award, then 75% of the amount determined in the appellate arbitration award or ₹ 5.00 lakhs (Rs. Five Lakhs), whichever is less, shall be released to the client from IPF of the Stock Exchanges. The amount released shall exclude the amount already released to the client at clause (a) and (b) above. d) Total amount released to the client through the facility of interim relief from IPF in terms of this Circular shall not exceed ₹ 10.00 lakhs (Ten lakhs) in a financial year. 3. Disciplinary Action C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or otherwise. (i) The Committee shall have a minimum of 3 members and a maximum of 5 members; (ii) The Public Interest Directors shall form a majority of the Committee; (iii) A maximum of two key management personnel of the exchange can be on the Committee; (iv) The Committee may also include independent external persons such as retired judge, etc.; (v) SEBI may nominate members in the Committee, if felt necessary in the interest of securities market; Investor Services Committee (i) Supervising the functioning of Investors' Services Cell of the Exchange which includes review of complaint resolution process, review of complaints remaining unresolved over long period of time, estimate the adequacy of resources dedicated to investor services, etc.; (ii) Supervision of utilization of ISF; (iii) To have annual review of the arbitrators and arbitration/ awards (both quantum and quality of the awards). (i) The Committee shall have a minimum of 3 members and a maximum of 5 members; (ii) The Public Interest Directors shall form a majority of the Committee; (iii) A maximum of two key management personnel of the exchange can be on the Committee; (iv) The Committee may also incl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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