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Arbitration Clauses

EXTRACTS FROM THE BYE-LAWS & REGULATIONS PERTAINING TO ARBITRATION

  1. All claims, differences or disputes between the Trading Members inter se and between Trading Members and Constituents 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, contracts 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 :
    Seats of Arbitration - REGIONAL ARBITRATION CENTERS (RAC) STATES & UNION TERRITORIES COVERED BY THE RAC
    DELHI Delhi, Haryana, Uttar Pradesh, Uttaranchal, Himachal Pradesh, Punjab, Jammu & Kashmir, Chandigarh, Rajasthan
    KOLKATA West Bengal, Bihar, Jharkhand, Orissa, Assam, Arunachal Pradesh, Mizoram, Manipur, Sikkim, Meghalaya, Nagaland, Tripura, Chhattisgarh
    CHENNAI Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, Andaman & Nicobar, Lakshadweep, Pondicherry
    MUMBAI 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 :
    Parties to Dispute Place of filing the Application for Arbitration Place of hearing
    TM* V/s TM
    1. If the dealing offices of both Trading Members from where the dealing was carried is situated in any one of the states covered by a particular RAC then the Application for Arbitration shall be filed by the Applicant-Trading Member in that RAC.
    2. If the dealing offices of both Trading Members from where the dealing was carried out 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.
    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.
    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 in that RAC where the Applicant has filed Application for Arbitration 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 Capital Market Trading Regulations of National Stock Exchange of India Limited.