Applicability:

applicable to listed companies/ RTAs offering services on behalf of listed companies. The mechanism shall be instituted after exhausting all actions for resolution of complaints including those received through SCORES Portal.

Number of Arbitrators:

1. Sole arbitrator for claims up to Rs. 25,00,000/-.
2. Panel of three arbitrators for claims above Rs. 25,00,000/-.

Appeal:

1. Aggrieved party may file appeal before the appellate panel of arbitrators of the stock exchange within one month from receipt of the arbitral award.
2. The appellate panel shall consist of three arbitrators who shall be different from the one(s)who passed the arbitral award appealed against.
3. The appeal against an arbitral award shall be disposed of by way of issue of an appellate arbitral award within three months from the date of appointment of appellate panel. This time frame can be extended by not more than two months on a case-to-case basis after recording the reasons for the same.

Fees:

1. The fees per arbitrator shall be Rs. 18,000/-plus stamp duty,  service  charge etc. as applicable per case. The fees plus stamp duty, service charge etc. as applicable shall be collected from RTAs/Listed companies and shareholder(s)/ investor(s)separately by the Exchange, for defraying the cost of arbitration.
2. If the value of claim is less than or equal to Rs.10 lakhs, then the cost of arbitration with respect to the shareholder(s)/investor(s)shall be borne by the Exchange.
3. For appellate arbitration, fees of Rs.54,000/-plus stamp duty, service charge et as applicable shall be paid by the appellant only. The Appellate fees shall be non-refundable.
4. In case, an appellant filing an appeal is a shareholder/an investor having a claim of more than Rs. 10 lakhs,  the appellant shall pay a fee not exceeding Rs. 30,000/-plus stamp duty, service charge etc.  as applicable and in case of a claim up to Rs. 10 lakhs, the appellant shall pay a fee not exceeding Rs. 10,000/-plus stamp duty, service charge etc. as applicable. Further, expenses thus arising shall be borne by the Stock Exchanges and the Investor Protection Fund of Stock Exchanges equally.

Hearing:

No hearing if value of the claim is up to Rs. 25,000/-. If the Claim is above Rs. 25,000/- then a right to hearing shall be given to the parties unless expressly waived by the parties.