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TMI BlogAmendment to Circular dated July 31, 2023 on Online Resolution of Disputes in the Indian Securities MarketX X X X Extracts X X X X X X X X Extracts X X X X ..... AE/OIAE_IAD-1/P/CIR/2023/131 dated July 31, 2023 providing the guidelines for online resolution of disputes in the Indian securities market. Amendments cum Corrigendum to the same was issued vide circular no. SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/135 dated August 04, 2023. These regulatory norms were consolidated vide Master Circular No. SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/145 dated August 11, 2023. 2. Pursuant to feedback received for providing clarity on certain aspects, it has been decided to modify the circular dated July 31, 2023 (as amended) as under: I. In clause 2 of the circular, the words and brackets "(including institutional/corporate clients)" are added after the words "Investors/Clients". II. In Clause 3(b) of the circular, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se may be". VI. In Clause 13 of the circular, the following are added at the end of the line: "or is against the Government of India / President of India or a State Government / Governor of a State. It is clarified that Listed companies (and their registrars and transfer agents), specified intermediaries and regulated entities specified in Schedules A and B as well as institutional or corporate clients shall initiate claims or disputes in accordance with Clause 3(a) and/or 3(b), as applicable, unless the matter is non-arbitrable in terms of Indian law (including when moratorium under the Insolvency and Bankruptcy Code is in operation due to the insolvency process or if liquidation or winding up process has been commenced) or is against t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution which facilitated the conduct of conciliation), it shall intimate the ODR Institution within 10 days of the conclusion of the conciliation process of its intent to do so and within further 5 days of this intimation, shall deposit 100% of the admissible claim value with the relevant MII and make the payment of fees as applicable for online arbitration for initiating the online arbitration". X. In Clause 28(c) of the circular, the slab 'Above Rs. 50 lakh', stands modified as follows: Above Rs. 50 lakh - Rs. 1 crore Arbitrator's Fee Rs. 1,20,000/-** ODR Institution's Fees, in addition to the arbitrator's fees (to be collected by the ODR institution) Rs. 15,000/- Applicable GST, Stamp Duty, etc. on actual outgoings Further ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . This Circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. This circular is issued with the approval of the competent authority. 5. This Circular is available on the SEBI website at https://www.sebi.gov.in/ under the link "Legal > Circulars". The Master Circular for Online Dispute Resolution is available on the SEBI website at www.sebi.gov.in under the link "Legal> Master Circulars". Yours faithfully, S. Manjesh Roy General Manager Tel no.: 022- 2644 9710 & 4045 9710 Email: [email protected] --- 1 For example, non-disclosure ag ..... X X X X Extracts X X X X X X X X Extracts X X X X
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