|
*Kindly
note that this is not the complete compendium ,only relevant extracts
are included.
Complaints by Client or an
Investor
-
Every client or
investor shall be required to exercise due diligence and comply with
the stipulated requirements as may be in force from time to time,
before placing any order for buy or sell of a security or before
applying for subscription of any security being issued by any company
proposed to be listed on the Exchange as provided in the prospectus,
as may be specifically provided in the relevant Bye-laws and
Regulations from time to time.
Complaint
or Grievance Against a Trading Member, Not Contested or Disputed
-
On receipt of any
complaint/grievance from a client, the Exchange may take up the
complaint/grievance with the concerned trading member. In case any
complaint or grievance is found to be prima-facie genuine, and not
contested or disputed by the concerned trading member, or the trading
member has admitted such claim/s of the client, such complaint or
grievance shall be upheld
by the Exchange, if the claim for non-receipt of payment of money is
supported with sufficient proof of delivery as provided by the client
and/or the claim for non-receipt of delivery of securities is
supported with sufficient proof of payment as provided by the client.
In such an event, the trading member shall be required to redress such
complaint or grievance within such time, as may be specified by SEBI
or the Exchange.
Complaint or Grievance Against a
Trading Member, Contested or Disputed
-
Where the statement
of account provided by a client is not accepted by the trading member
or vice versa and thereby the complaint remains contested or disputed,
or such complaint does not get resolved through the intervention of,
or administrative conciliation by, an official of the Exchange, the
concerned complainant may then be advised by the Exchange to refer
such complaint contested or disputed or not resolved by the concerned
trading member to the arbitration, as may be provided in the relevant
Bye-laws and Regulations of the Exchange from time to time. The
Exchange may also, suo motto, file a reference to arbitration for such
complaint, as may be provided in the relevant Bye-laws and Regulations
from time to time.
Claim
against Defaulter
-
The Defaults’
Committee shall apply the net assets remaining in its hands after
defraying all such costs, charges and expenses as are allowed under
these Bye-laws and regulations in satisfying first the claim of the
Exchange and the Clearing House and
then able such admitted claims of members against the defaulter
arising out of contracts entered into in the market in accordance with
the provisions of the Rules, Bye-laws and Regulations of the Exchange
Certain Claims not to be entertained
The Defaults’ Committee shall not
entertain any claim against a defaulter-
i.
Which arises out of a contract in securities dealing in which
are not permitted or which are not made subject to the Rules, Bye-laws
and Regulations of the Exchange;
ii.
Which arises out of a contract in respect of which comparison has
not been made in the manner prescribed in these Bye-laws and Regulations
or when there has been no comparison if a contract note in respect of
such contract has not been rendered as provided in these Bye-laws and
Regulations and receipt thereof obtained either on the duplicate or on
the counterpart of such contract note or in a peon-book stating the date
and the number of the contract note rendered or by comparison of memos
in members offices;
iii.
Which arises from bargains not settled by delivery and payment
within the time prescribed by these Bye-laws and Regulations;
iv.
Which arises from any arrangement for settlement of claims in
lieu of bonafide money payment in full on the day when such claims
become due;
v.
Which arises from any outstanding balance or any outstanding
difference upon previous transactions which has not been claimed at the
proper time and in the manner prescribed in these Bye-laws and
Regulations;
vi.
Which is in respect of a loan with or without security;
vii.
Which is not filed with the Defaults’ Committee within such time
of the date of declaration of default as may be prescribed by the
Council of Management.
ARBITRATION
Reference to Arbitration
-
All claims (whether admitted
or not) difference and disputes between members or between members
and a non-member/s (the terms `non-member' and `non-members'
shall include a remisier, Authorised Assistant, sub broker
or employee or client or any other person with whom the member
shares brokerage) arising out of or in relation to
dealing, transactions and contracts made subject to the Rules,
Bye- laws and Regulations of the Exchange or with reference
to anything incidental thereto or in pursuance thereof
or relating to their construction, fulfilment or validity
or relating to the rights, obligations and liabilities
of remisiers authorised assistant, sub-brokers, employees
or any other persons with whom the member shares brokerage
in relation to such dealings, transactions and contracts
shall be referred to and decided by arbitration as provided
in the Rules, Bye-laws and Regulations of the Exchange. In
case any dispute arises between sub-broker and client the same shall
be brought to the notice of main broker within 6 months from the date
of dispute and same shall as far as possible be settled with the help
of the Member broker failing which it shall be brought to the notice
of the Exchange. If the dispute still persists the same shall be
referred to the Arbitration as mentioned above.
-
All claims, complaints, differences and disputes between Members
arising out of or in relation to any bargains, dealings, transactions
or contracts made subject to the Rules, Bye-laws and Regulations of
the Exchange or with reference to anything incidental thereto
(including claims, complaints, differences and disputes relating to
errors or alleged errors in inputting/feeding any data or command in
the Exchanges' computerised trading system or in execution of any
trades on or by such trading system) or anything to be done in
pursuance thereof and any question or dispute whether such bargains,
dealings, transactions or contracts have been entered into or not
shall be subject to Arbitration and referred to the Arbitration
Committee as provided in these Bye-laws and
Regulations.
Limitation for reference and extension of time
-
An arbitrator shall not take
cognizance of any claim, difference or dispute unless the same has
been referred to it within six months of the same having
arisen. Any dispute as to whether a claim, complaint, difference or
dispute falls within the ambit of this clause shall be decided by the
arbitrator.
Limitation Act
Appointment of Arbitrators
-
All claims, differences and disputes required to
be referred to arbitration under these Bye-laws and
Regulations shall be referred to arbitration, of one
arbitrator who shall be appointed in the manner provided in
these Bye-laws and regulations
-
The Arbitrator/s shall be Member/s of the
arbitration committee of the Exchange and should be eligible to act
as arbitrators in the reference.
Arbitrator's Award
(a) the parties have agreed that no reasons are to
be given ; or
(b) the award is on terms agreed between the
parties.
Award Binding on Parties and persons claiming
under them
Top |
