Photo of Navjot Chhabra

Associate in Dispute Resolution Practice at the Mumbai office of Cyril Amarchand Mangaldas. Navjot is currently working in the securities litigation team at CAM. She can be reached at navjot.chhabra@cyrilshroff.com

Background

  • SEBI recently notified the SEBI (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023, and issued a Master Circular for Online Resolution of Disputes in the Indian Securities Market (‘ODR Master Circular’), extending the conciliation and arbitration mechanism administered by Market Infrastructure Intermediaries (‘MII’) to all specified intermediaries/ regulated entities. Prior to this, MII’s dispute resolution mechanism only covered stock-brokers, depository participants, listed companies and registrars and transfer agents. Investors embroiled in disputes with any other intermediary did not have recourse to this mechanism, but the ODR Master Circular extends it to other intermediaries to streamline the dispute resolution process. Further, the erstwhile system was largely physical, with some online adaptations brought about during the COVID-19 pandemic. As a progressive measure and in line with the recommendations of the committee constituted by the Niti Aayog under Justice Sikri, the dispute resolution process will now be online.

Continue Reading Resolving Securities Disputes in the Digital Age: A Primer on SEBI’s Master Circular for Online Resolution of Disputes in the Indian Securities Market