(1) All claims, differences or disputes between the
Trading Members inter se and between Trading Members and Constituent
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) In all dealings, contract 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 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) 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) Save as otherwise specified by the Relevant Authority the seat
of arbitration for different regions shall be as follows:
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| Delhi, Haryana, Uttar Pradesh, Uttaranchal,
Himachal Pradesh, Punjab, Jammu & Kashmir, Chandigarh,
Rajasthan. | | West Bengal, Bihar, Jharkand, Orissa, Assam,
Arunachal Pradesh, Mizoram, Manipur, Sikkim, Meghalaya, Nagaland,
Tripura, Chattishgadh. | | Andhra Pradesh, Karnataka, Kerala, Tamilnadu,
Andaman & Nicobar, Lakshadweep, Pondicherry. | | Maharashtra, Gujarat, Goa, Daman, Diu, Dadra
& Nagar Haveli, Madhya Pradesh. |
(5) Save as otherwise specified by the Relevant Authority, the
criteria for selection of seat of arbitration for a particular matter is
as follows:
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| TM* V/s TM | a) lf the dealing offices of both Trading
Members from where the dealing was carried is situated in any one of
the states covered by 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 Atbitration
and the Respondent-Trading Member shall attend the hearing in that
particular RAC. | | b) lf the dealing offices of both Trading
Members from where the dealing was carried are situated in states
covered by different RAC then the Application for Arbitration shall
be filed in the RAC covering the state in which the
Respondent-Trading Member's dealing office is situated. | | TM V/s C*
& C V/s TM | The Application for Arbitration shall be filed
by the Applicant at the RAC covering the state in which the Constituent ordinarily resides. | The hearing shall be held at the RAC where the
Applicant has filed the Application for Atbitration and the
Respondent shall attend the hearing in that Particular
RAC. |
(6) Unless otherwise specifically agreed in writing between the Trading Member and the Constituent, in respect of any claims, disputes and
differences arising out of internet trading between the Constituent and Trading Member, the seat of arbitration shall be the Regional Arbitration
Centre within the area 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 details please refer to Chapter XI of the Byelaws and
Chapter 5 of Future & Options Trading Regulations of National Stock Exchange
of India Limited.
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