Reference to Arbitration

Reference to Arbitration

244.(a) 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 of any dispute arises out 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.

(b) 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.

Contract Constitutes Arbitration Agreement

(c) An acceptance whether express or implied of a contract subject to arbitration as provided in sub-clause (a) and with the provision for arbitration incorporated therein shall constitute and shall be deemed to constitute an agreement between Members or between Members and the non-member/s concerned that all claims (whether admitted or not), differences and disputes of the nature referred to in sub-clause (a) in respect of all dealings, transactions and contracts of a date prior or subsequent to the date of contract shall be submitted to and decided by arbitration as provided in the rules, bye-laws and Regulations of the Exchange and that in respect thereof any question whether such dealings, Transactions and contracts have been entered into or not shall also be submitted to and decided by arbitration as provided in the Rules, Bye-laws and Regulations of the Exchange.

Appointment of Arbitrators

245.(i) 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.

(ii) When making the application for arbitration, the claimant shall state the names of three persons from among whom the claimant proposes that the arbitrators may be appointed (hereinafter, referred to as the "proposed arbitrators"). The three persons must be persons who are Members of the arbitration committee of the Exchange for the time being and are eligible to act as arbitrators in the reference.

(iii) The names of the proposed arbitrators shall be forwarded by the Exchange's Arbitration Committee to the

respondent or all the respondents (as the case may be).

(iv) (a) If there is only one respondent, the respondent may consent to anyone of the proposed arbitrators being appointed as the arbitrator by delivering to the Exchange's Arbitration Committee. Within seven days

in writing in the form prescribed by the Exchange signed by the Respondent signifying his consent. The Respondent having received from the Exchange the names of the proposed arbitrators (or such extended time as the Governing Board , the President or the Executive Director may on the application of the respondent allow) failing which the claimant and the respondent shall be deemed to have failed to have agreed as to the person to be appointed as the Arbitrator.

(b) If there are two or more respondents then each respondent may consent to the appointment of any one or more of the proposed arbitrators as the arbitrator by delivering to the Exchange's Arbitration Department , within seven days of that respondent having received from the Exchange the names of the proposed arbitrators (or such extended time as the Council of Management , the President or the Executive Director may on the application of the concerned respondent allow), in writing in the form prescribed by the Exchange signed by that respondent signifying his agreement to one or more of the proposed arbitrators being appointed as the arbitrator. If the claimant and all the respondents agree to any one of the proposed arbitrators being appointed as the arbitrator, such person shall act as the arbitrator. If the claimant and all the respondents agree to any one of the proposed arbitrators being appointed as the arbitrator, such person shall act as the arbitrator. If the claimant and all the respondents do not agree to at least one of the proposed arbitrators being appointed as the arbitrator, the claimant and the respondents shall be deemed to have failed to have agreed as to the person to be appointed as the arbitrator.

(c) Whenever a reference is made to the Arbitration Committee it shall be heard by such number (not and even number) of its Members as the Chairman of the Arbitration Committee may in special circumstances and on reasons to be recorded either on application or otherwise permit more than one Arbitrator being appointed as Arbitrators with reference to any particular claim, complaint, difference or disputes.

(d) In the event of more than one Arbitrator being appointed the Arbitrators so appointed shall appoint a 3rd Arbitrator who shall be the presiding Arbitrator.

(e) If the Arbitrators fail to agree on the presiding Arbitrators the Chairman of the Arbitration Committee shall appoint a presiding Arbitrator.

Appointment of Arbitrators by the Council of Management, President or Executive Director

246. On Payment in advance of the minimum fees of arbitrators prescribed under these Bye-laws and Regulations by any party to a claim difference or dispute the Council of Management / President / Executive Director shall appoint an arbitrator if

(i) the parties have failed to agree as to the person to be appointed as the

(ii) the arbitrator dies or fails, refuses or neglects to act or becomes incapable of acting as an arbitrator before an award is made by him and the parties fail to agree on another person as Arbitrator.

Limitation for reference and extension of time

247 (i) 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.

(ii) If a person who desires to refer a claim, difference or dispute to arbitration after the period specified in clause (I) satisfies the Council of Management / President / Executive Director that he had sufficient cause for not making the reference within such period then the Council of Management / President / Executive Director may extend the period to such further period as the Council of Management / President / Executive Director thinks fit and proper. In such event the arbitrator may take cognisance of the claim / difference

or dispute if it is referred to arbitration within such extended period. Before deciding whether or not to extend the period under this clause the Council of Management / President / Executive Director shall afford an opportunity to be heard to the person applying for the extension as also to the person or persons against whom the reference is proposed to be filed.

(iii) Every decision of the Council of Management / President / Executive Director under this bye-law shall be in writing and shall state the reasons for the decision

(iv) A person aggrieved by a decision of the Council of Management / President / Executive Director declining to extend the period may file an appeal to the Council of Management within seven days of the Exchange informing him in writing of the Executive Director's decision.

For the purpose of computation of the period of six months the time taken by the Member broker in resolving the dispute under the Bye-law 244 shall be excluded.

Limitation Act

248. All the Provisions of the Indian Limitation Act, 1963 or other law relating to limitation as may be in force in India from time to time shall apply to arbitrations under this Chapter as they apply to proceedings in court.

Arbitrator to make Award Expeditiously

250. The arbitrators shall endeavor to make their award within four months after entering on the reference or after having been called upon to act by notice in writing from any party.

Arbitrator's Award

251.(i) Every award shall be made in writing and shall be signed by the arbitrator.

(ii) The award shall state the reasons upon which it is based, unless -

(a) the parties have agreed that no reasons are to be given ; or

(b) the award is on terms agreed between the parties.

(iii) The award shall state its date and the place of arbitration and the award shall be deemed to have been made at that place.

Publication of Award

252. After the award is made, a copy of the award signed by the Arbitrator shall be delivered to all the parties

to the dispute.

Award Binding on Parties and persons claiming under them

253. The parties to the reference shall abide by and forthwith carry into effect the award of the arbitrator which shall be final and binding on the parties and persons claiming under them respectively notwithstanding the death of or legal disability occurring to any party before or after the making of the award and such death or

legal disability shall not operate as a revocation of the reference or award.

Further Award

254. Whenever an award made under these Bye-laws and Regulations directs that a certain act or thing be done by one party to the references and such party fails to comply with the award the other party may make a fresh reference to the arbitration as provided in these Bye-laws and Regulations for a further award for determining the dispute outstanding or the amount of damages or compensation payable by reason of such failure and the award therein may be field separately or together with the original award

Filing of Award

255. The arbitrators or umpire shall at the request of any party to the reference or any person claiming under such party or if so directed by the Court and upon payment of the fees and charges due in respect of the reference and award and of the costs and charges of filing the award cause the award or a signed copy of it together with any depositions and documents which may have been taken and proved before the arbitrators or umpire to be filed in Court

Fresh Reference on Annulment of Award

256. Whenever an award given under these Bye-laws and Regulations is set aside by the Court the matter shall be again referred to arbitration as provided in these Bye-laws and Regulations and the claims, difference and disputes shall be decided by arbitration only.

Extension of time of making the Award

257. The Council of Management or the President may if deemed fit whether the time for making the award has expired or not and whether the award has been made or not extend from time to time the time for making the award by a period not exceeding one month at a time from the due date or extended due date of the award

Appointment from Members of the Exchange or Panel or Arbitrators Only

258. (a) The arbitrator appointed under these Bye-laws and Regulations in respect of an arbitration shall in all cases at the time of appointment be a member of the Arbitration Committee of the Exchange.

(b) The Council of Management may from time to time nominate to a panel of arbitrators including such persons (who are not members of the Exchange) as it thinks suitable from amongst members of the Council of Management (other than those directors who are members of the Exchange), retired judges or other persons having knowledge or experience in the field of law, trade, commerce, industry, arbitrations, securities market or stock exchange transactions. The Council of Management may also at its discretion and without assigning any reason remove a person from the panel of arbitrators. The Exchange shall make all endeavors to reconstitute the panel of arbitrators by after every Annual General Meeting in such manner that not less than 60% of the members on the panel are person who are not members of the Exchange and shall maintain the same proportion thereafter.

Council of Management to Prescribe Arbitration Fees, Forms and Procedure

259. The fees to be paid, the forms to be used and the procedure to be followed in connection with a reference to arbitration under these Bye-laws and Regulations shall be such as are prescribed in the relative Regulation or such other as the Council of Management may from time to time prescribe in addition thereto or in modification or substitution thereof.

Fees and Charges

260. The fees in arbitration and the charges for submitting and regulating the proceedings of the reference prescribed in the relative Regulation shall be payable in advance and when there is failure, neglect or refusal on the part of a party or parties to pay accordingly the other party shall be responsible for making such payment in advance without prejudice however to his right if any to recover the same from such paraty or parties failing, neglecting or refusing to pay. It shall be a condition precedent to the hearing of any reference that the prescribed fees and charges shall have been paid in advance to the Exchange by the party or parties to the reference. The Exchange shall collect all such fees and charges and make the necessary payments provided always that no larger sum shall be paid than actually collected.

Decision on Pleadings

261. A reference may be decided by the arbitrator on the pleadings of the parties and documents produced and

admitted as evidence. However any party may require of the arbitrator that he be given a hearing. In that event he

shall be so heard and the other party or parties shall have a similar privilege.

Proceedings

262 The arbitrator may proceed with the reference not withstanding any failure to file a written statement within due time and may also proceed with the reference in the absence of any or all the parties who after due notice fail or neglect or refuse to attend at the appointed time and place.

Adjournment of Hearings

263. The arbitrator may adjourn the hearings from time to time upon the application of any party to the reference or at his own instance provided however that when the adjournment is granted at the request of one of the parties to the reference the arbitrator may if deemed fit require such party to pay the fees and costs in respect of the adjourned hearing borne by the other party and in the event of such party failing to do so may refuse to hear him further or dismiss his case or otherwise deal with the matter in any way the arbitrator may think just.

Legal Advisers and Evidence

264. During a hearing the parties to the reference may with the permission of the arbitrator appear by counsel, attorney, advocate or a duly authorised representative and where one party is so permitted a similar privilege shall be afforded to the other party or parties. But no party shall be so entitled without the permission of the arbitrator nor shall be entitled to insist on or require the arbitrators to hear or examine witnesses or receive oral or documentary evidence other than what is deemed necessary by the arbitrator.

Consideration of Recorded Proceedings and Evidence

265 . If an arbitrator dies or fails or neglects or refuses to act or becomes incapable of acting as an arbitrator the Council of Management, the President or the Executive Director may appoint a substitute arbitrator and such substitute arbitrator shall be at liberty to act upon the record of the proceedings as then existing and on the evidence if any then taken in the reference or to commence the reference de novo.

Set-off and Counter-Claim

267. On a reference to arbitration by one party the other party or parties shall be entitled to claim a set-off or make a counter-claim against the first party provided such set- off or counter-claim arises out of or relates to dealings transactions and contracts made subject to Rules, Bye-laws and Regulations of the Exchange and subject to arbitration as provided therein and provided further such set-off or counter-claim is presented together with full particulars at or before the first hearing of the reference but not afterwards unless permitted by the arbitrator.

Award to Adjudge Interest

268. Where and in so far as an award is for the payment of money the arbitrator may adjudge in the award the interest to be paid on the principal sum adjudged for any period prior to

the institution of the arbitration proceedings and may also adjudge the additional interest on such principal sum as is deemed reasonable for the period from the date of the institution of the arbitration proceedings to the date of the award and further interest on the aggregate sum so adjudged at such rate as is deemed reasonable from the date of the award to the date of payment or the date of the decree.

Costs

269. The costs of reference and award including costs, charges, fees and other expenses shall be in the discretion of the arbitrator who may decide and direct in the award to any by whom, in what manner and in what proportion such cost, charges, fees and other expenses or any part thereof shall be borne and paid by the parties and may tax and settle the amount to be so paid or any part thereof. Failing any direction in the award the costs, charges, fees and other expenses shall be borne by the parties as incurred. A party refusing to carry out an award shall pay the costs between attorney and client in connection with the filing of the award in the Court and its enforcement unless the Court otherwise directs.

Operation of Contracts

270. All dealings, transactions and contracts which are subject to the Rules, Bye-laws and R4egulations of the Exchange and every arbitration agreement to which the Rules, Bye-laws and Regulations of the Exchange apply shall be deemed in all respects to be subject to the Rules, Bye-laws and Regulations of the Exchange and shall be deemed to be and shall take effect as wholly made, entered into and to be performed in the City of Cochin and the parties to such dealings, transactions, contracts and agreements shall be deemed to have submitted to the jurisdiction of the Courts in Kerala for the purpose of giving effect to the provisions of the Rules, Bye-laws and Regulations of the Exchange

Notice and Communications How to be Served

271. Notes and communications to a member or non-member shall be served in any one or more or all of the following ways and any such notice or communication under (I) to (v0 below shall be served at his ordinary business address and/or at his ordinary place of residence and/or at his last known address

i. by delivering it by hand;

ii. by sending it by registered post;

iii. by sending it under certificate of posting;

iv. by sending it by express delivery post:

v. by sending it by telegram;

vi. by affixing it on the door at the last known business or residential address;

vii. by its oral communication to the party in the presence of a third person;

viii. by advertising it at least once in any daily newspaper published in Kerala;

ix. by a notice posted on the notice board of the Exchange if no addressed be known.

Service by Hand Delivery when complete

272. A notice or Communication served by hand shall be deemed to have been received by the party ion the production of a certificate to that effect signed by the person delivering the notice or communication.

Service by post or Telegram when complete

273. A notice or communication served by post or telegram shall be deemed to have been received by the party at the time when the same would in the ordinary course of post or telegram have been delivered. The production of a letter of confirmation from the post office or of the post office receipt for the registered letter or telegram or of a certificate of posting shall in all cases be conclusive proof of the posting or dispatch of such notice or communication and shall constitute due and proper service and notice

Refusal to Accept Delivery does not affect Service

274. In no case shall any refusal to take delivery of the notice or communication affect the validity of its service.

Service by Advertisement or by notice on notice Board when complete

275. A notice or communication published in a newspaper or posted on the notice board of the Exchange shall be deemed to have been served on the party on the day on which it is published or posted.

Ministerial Duties

276. An officer of the Exchange authorised by the council of Management shall act as secretary of the Arbitration Committee.

The Secretary or an employee or employees of the Exchange acting under his authority shall -

i) maintain a register of references;

ii) receive all applications for arbitration, reference and communications addressed by the parties before or during the course of arbitration or otherwise in relation thereto;

iii) receive payment of all costs, charges, fees and other expenses;

iv) give notices of hearing and all other notices to be given to the parties before or during the course of the arbitration or otherwise in relation thereto;

v) communicate to parties all orders and directions of the arbitrator;

vi) Deleted.

vii) publish the award on behalf of the arbitrator;

viii) Deleted.

ix) generally do all such things and take all such steps as may be necessary to assist the arbitrator in the execution of their functions.

Indemnity

277. No party shall bring or prosecute any suit or proceedings whatever against the Exchange, the Council of Management, the President, the Secretary or any employee or employees of the Exchange acting under his authority or against the arbitrators for or in respect of any matter or thing purporting to be done under these Bye-laws and Regulations nor any suit or proceedings (save for the enforcement of the award) against the other party or parties to the reference.

277 A. These Bye-laws as amended by the Council of Management on 15/01/1998 shall apply in relation to all arbitral proceedings which commence on or after the amendments come into force. All arbitral proceedings which commenced before the amendments came into force shall, unless otherwise agreed between the parties, be governed by the Bye-laws prior to the amendments.

Legal Proceedings with Permission of the Council of Management

279. In respect of any claim, complaint, difference or dispute required to be referred to arbitration under these Bye-laws and Regulations no member shall commence legal proceedings against another without the permission of the Council of Management. If a member institutes such proceedings without permission and recovers any money or other relief he shall hold the same in trust for the Exchange and shall pay the same to the Exchange to be dealt with in the manner directed by the Council of Management.

Application for Arbitration

280. Whenever a clasim, complaint, difference or dispute which under these Bye-laws and Regulations must be referred to the Arbitration Committee arises between members any member who is a party to such claim, complaint, difference or dispute may apply to the Arbitration Committee to inquire into and arbitrate in the dispute.

282. Save as otherwise provided not less than two days’ notice of the time and place appointed for the hearing shall be given to both the parties to the reference.

Both Parties Present

283. If both the parties to the reference are present at the appointed time and place the arbitrators shall proceed to hear the reference to give the award.

Ex Parte Decision and Summary Disposal

284. If the party against whom the reference is filed be not present at the appointed time and place the arbitrators may hear and decide the reference ex parte and if the party filing the reference b not present the arbitrators may dismiss the reference summarily.

Signing of Award

294. (i) Every award shall be made in writing and shall be signed by those members of the concerned arbitral tribunal who have participated in making the award.

(ii) For the purpose of clause (I) the signatures of the majority of the members of the concerned arbitral tribunal who have participated in making the award shall be sufficient so long as the reason for any omitted signature is stated.

Members Interested not to attend

295. A party to a reference who is a member of the Arbitration Committee or the Council of Management shall not attend any meeting of the Arbitration Committee of the Council of Management at which an inquiry into the reference of appeal is made or at which a reference or appeal is heard

Adjourned Meetings

296. It shall be no objection to an award of the Arbitration Committee or of the Council of Management that the meeting at which a reference or appeal was inquired into or a reference or appeal was heard was adjourned from time to time or that the inquiry was not completed or that the reference or appeal was not finally heard at one meeting

Change in Composition

297. It shall be no objection to an award of the Arbitration Committee or of the Council of Management that the composition of the Arbitration Committee or the Council of Management changed during the inquiry or reference or appeal:

Provided however that no member of the Arbitration Committee or of the Council of Management as the case may be who shall not have been present at every meeting at which inquiry into the reference or appeal was made or the reference or appeal was heard shall participate in giving the final decision

Summary Dismissal

298. If a party to reference who has appealed to the Arbitration Committee or to the Council of Management against an award be not present at the time fixed for hearing the appeal the Arbitration Committee or the Council of Management as the case may be may dismiss the appeal summarily.

Appeal Ex parte

299. If a party to a reference in whose favour an award has been made be not present at the time fixed by the Arbitration Committee or the Council of Management for hearing the appeal against such award the Arbitration Committee or the Council of Management may proceed to hear the appeal ex parte

Rehearing Ex parte Award

300. On sufficient cause being shown the Arbitration Committee may set aside an ex parte award made by the arbitrators or the Arbitration Committee and the Council of Management may similarly set aside any ex parte award and in any such case the Arbitration Committee or the Council of Management may direct that the reference or the appeal be again enquired into or heard

Remission of Award

301. The Council of Management in its discretion may within fifteen days of an award remit the award or any matter referred to arbitration to the arbitrators or the Arbitration Committee upon such terms as it thinks fit and thereupon the arbitrators or the Arbitration Committee shall reconsider the matter and either confirm or revise the previous decision

Fresh Reference on Non-compliance with Award when allowed

302. Whenever an award directs that certain acts or things be done by the parties to the reference and a party fails to comply with such direction the other party may make a fresh reference for a further award for determining the dispute outstanding or the amount of damages or compensation payable by reason of such failure

Regulation 15

(Bye-law 259)

Forms

15.1 The forms to be used in connection with a reference to arbitration under the provisions of the Rules, Bye-laws and Regulations of the Exchange shall be such as are prescribed in Appendix A to this Regulations or such other forms as the Council of Management may from time to time prescribe in addition thereto or in modification or substitution thereof.

Application for Arbitration

15.2 In every case when a claim, difference or dispute required to be referred to arbitration under the Rules, Bye-laws and Regulations of the Exchange has arisen any of the parties concerned may submit to the Exchange an application for arbitration (Form No. 1).

Nomination and notice of Appointment

15.3 An application for arbitration shall be accompanies by

(i) duly completed notice (Form No.2) suggesting the names of 3 persons to be appointed as arbitrators an and calling upon the other party or parties to agree upon one or more names so suggested within a period of 7 days from the date of the receipt of the notice.

(ii) Concise statement of the case and a statement accounts if any in duplicate with additional copies equal to the number of respondents.

(iii) Institution and Arbitration Fees.

Reply to Arbitration, Application and Counter Claim

15.4 On receipt of an application for arbitration the Exchange shall forward (Form No.3) the notice for appointment of Arbitrators together with a copy of the statement of the case including a copy of the statement of accounts if any to the other party or parties to the cliam, difference or dispute. The other party or parties shall within seven days of service of written notice suggesting persons to be appointed as arbitrator or within such extended time as the Council of Management or the President may on application of the other party or parties allow, forward to the Exchange a reply to the application (Form No.4) accompanied by :

(i) duly completed form of nomination (Form No.5) agreeing or disagreeing for the appointment of arbitrator from among 3 names suggested by the claimant/applicant.

(ii) statement in triplicate of the case in reply with additional copies equal to number of respondents; and

(iii) statement in triplicate of the set-off or counter claim if any along with statement of account, if the accounts are disputed, with additional copies equal to the number of respondents".

Reply to Counter Claim

15.5 A copy of the statement of the case in reply and of the set-off or counter claim if any shall be forwarded by the Exchange to the other party/parties who may submit his reply to the set-off or counter claim if any within seven days of the receipt thereof.

Extension of Time for Making Award

15.13. The arbitrators may from time to time apply (Form No.10) to the Council of Management or the President for extension of time for making the award.

Appearance

15.14 The parties to the reference shall attend at the time and place appointed for the hearing of the reference either in person or subject to the provision in that behalf in these Bye-laws and Regulations by any person duly authorised by them acquainted with all the matters in dispute or in question and shall answer all material question relating to the dispute or question.

15.15. The arbitrator shall have general authority to require from the parties to the reference such further statements, explanations and other information, evidence and materials as he may consider necessary for the adjudication of the dispute or question.

Duties of Parties and Witnesses

15.16. The Parties to the reference and any witness on their behalf shall;

i) Submit to be examined by the arbitrators on oath of affirmation in relation to the matter in dispute.

ii) produce before the arbitrator all books, deeds, paper, accounts, writings and documents in their possession or power which may be required or called for; and

iii) generally do all other things which during the pendency of the reference the arbitrators may require.

Application to Civil Court to Issue Process to Parties or Witnesses

15.17. If the arbitrators at any stage of an arbitration be of the opinion that it is desirable to examine either party or any witness who may not be willing to give evidence before the arbitrators or may be resident outside the City of Cochin the arbitrators may apply to the Civil Court having jurisdiction in that behalf to issue process to such party or witness including the issue of summonses and commission for the examination of witnesses and summonses to produce documents and may require any one of or both of the parties to deposit such fee or fees to cover the cost of any such process as the arbitrators shall consider necessary and in the event of any party who has been called on to deposit such fees to do so may dismiss such party's case or deal otherwise with the matter as the arbitrators may think just.

Penalty for Obstruction

15.18. The parties to a reference shall do all acts necessary to enable the arbitrators to make a just award within a reasonable time and shall not willfully do or causes or allow to be done any act to delay or to prevent the arbitrators from making an award and if any party acts to the contrary that party shall pay the other party or parties such costs as are deemed reasonable by the arbitrator."

Powers of Arbitrator

15.19. The arbitrator may :-

i) retain or any or all of the books, documents or papers produced in any proceedings and may direct at any item that the books, documents or papers produced be returned to the parties or any of them on such terms and conditions as may in the absolute discretion of the arbitrator be deem proper;

ii) administer oath or affirmation to the parties or witnesses appearing and giving evidence;

iii) admit such evidence as in the opinion of the arbitrator is necessary for passing a just and proper award.

iv) administer to any party to the reference such interrogatories as may in the opinion of the arbitrators be necessary;

v) make an interim award;

vi) make any award conditional or in the alternative;

vii) correct any clerical mistake or error arising from any accidental slip or omission in an award.

Assessor

15.20. The arbitrators may with the permission of the Council of Management or the President at any time or times before making the final award consult a counsel, attorney or advocate upon any question of law, evidence, practice or procedure arising in the course of the reference. The remuneration of such counsel, attorney or advocate shall be paid in advance by the parties to the reference and it shall be borne by them in the proportion stated in the award.

Ministerial Assistance

15.21. Unless the Council of Management or the President specifically permits no person other than the Secretary or an employee or employees of the Exchange acting under his authority shall be present to assist the arbitrators in a ministerial or any other capacity during the hearing or determination of a reference.

Scale of Arbitration Fees and Charges

15.22 (a) The fees, cost, charges and the expenses of an incidental to the reference and the award (if any) shall be such as are prescribed herein or such other as the Council of Management may from time to time prescribe.

Institution Fee

(b) The party instituting a reference shall pay to the Exchange an Institution Fee of Rs. 100/-.

(i) Arbitration fee per meeting per arbitrator payable by the parties equally Rs. 250/-.

(ii) Arbitration fee per meeting for the Presiding Arbitrator when he is called in by the arbitrators to be borne by the parties to the arbitration in equal share Rs. Nil.

Additional Payment

(d) In addition to the Institution Fee and Arbitration Fees the Council of Management or the President shall have power to direct that such further sum of money as may be deemed fit shall be deposited with the Exchange as security for the fees, costs and expenses of the arbitration.

Withdrawn Cases

(e) In cases where the party instituting a reference desire to withdraw it before a meeting of the arbitrators has been summoned the institution fee only will be charged. Otherwise the Arbitration Fees also will be payable.

(g) In addition to the fees mentioned in sub-clauses (b) to (e) the parties shall pay as and when demanded by the Exchange all other fees or charges incurred or to be incurred in connection with the arbitration.

Fees and Charges Payable in Advance

(h) All fees and charges shall be payable in advance by the party or parties to the reference .

Collection and Payment of Fees and Charges

(i) The Exchange shall collect all fees and charges pay the fees to the arbitrators and make disbursements in connection with the other costs and expenses of the reference.

APPENDIX A TO REGULATION 15

Form No. 1

(Regulation 15.2)

Arbitration Application Form

In the Matter of an Arbitration under the

Rules, Bye-laws and Regulations of

Cochin Stock Exchange Ltd.; Cochin.

BETWEEN

... (Name of Applicant(s))

AND ... (Name of Respondent(s))

From

The Secretary

Cochin Stock Exchange Ltd;,

Sir

As claims (whether admitted or not), differences and disputes within the meaning of the Rules, Bye-laws and Regulations of Cochin Stock Exchange Ltd., Cochin, have arisen and are now depending between me/us and _____________ the Respondent(s) above-named, I/we hereby apply for adjudication of the same by arbitration as provided in the said Rules, Bye-laws and Regulations.

I/We enclose _____

(i) duly completed Notice (Form No.2) suggesting the names of 3 persons one of whom may be appointed as arbitrator in triplicate appointing a arbitrator and calling upon the Respondent(s) above-named to appoint an arbitrator.

(ii) Statement of the Case in triplicate with Statement(s) of accounts in triplicate; and

(iii)a sum of Rs.100/- being the Institution Fee and deposit of Rs. 50/- towards the cost of stamp paper for the award.

I/We enclose as per list annexed/undertake to produce all the documents and papers relating to the reference in my/our power or possession.

Date the day of ,19

Yours faithfully,

Signature of Applicant(s)

FORM NO.2

(Regulation 15.3 (i))

Form of Nomination

In the matter of an Arbitration under the

Rules, Bye-laws and Regulations of the

Cochin Stock Exchange Ltd., Cochin

BETWEEN

...(Name of Applicant(s)

AND

...(Name of Respondent(s)

WHEREAS it is provided in the Rules, Bye-laws and Regulations of the Cochin Stock Exchange Ltd, Cochin that all claims (whether admitted or not), differences and disputes arising out of or in relation to dealings, transactions and contracts made subject to the said Rules, Bye-laws and Regulations or with reference to anything incidental thereto or in pursuance thereof of relating to their construction, fulfillment or validity shall be referred to arbitrations as provided in the said Rules, Bye-laws and Regulations.

AND WHEREAS claims, differences and disputes with the meaning of the said Rules, Bye-laws and Regulations have arisen and are now depending us.

NOW THEREFORE in pursuance of the said Rules, Bye-laws and Regulations I/We ________________ the Applicants above named do hereby suggest the names of the following 3 members of the Arbitration Committee, one of whom may be appointed on my/our/behalf/behalves for adjudicating the case.

AND I /WE require you within seven days from the service of this notice to approve the name of one person among the persons suggested failing which an arbitrator will be appointed under the Bye-laws and Regulations of Cochin Stock Exchange Ltd to act on your behalf/behalves in the matter of the said claims, differences and disputes by the Council of Management or the President of the Cochin Stock Exchange Ltd., Cochin.

Dated the ___ day of ____________________ 19

(Signature of applicant(s)

FORM NO.3

(Regulation 15.3 (i))

Form of Nomination and Notice of Appointment

In the matter of an Arbitration under the

Rules, Bye-laws and Regulations of the

Cochin Stock Exchange Ltd., Cochin

BETWEEN

...(Name of Applicant(s)

AND

...(Name of Respondent(s)

Dear Sir(s),

We enclose a Notice (Form No.2) dated the ________________ 19--- from __________________ the Applicant (s) above named together with copies of his/their Statement of the Case and Statement (s) of Account.

We also enclose for your use Form of Reply to Arbitration Application (Form No.4).

Yours faithfully,

Secretary/Arbitration Assistant

FORM No.4

(Regulation (15.4)

Reply to Arbitration Application

In the matter of an Arbitration

under the Rules, Bye-laws and Regulations of

the Cochin Stock Exchange Ltd., Cochin.

BETWEEN

.... (Name of Applicant(s)

AND

.... (Name of Respondent(s)

From

THE EXECUTIVE DIRECTOR/SECRETARY

COCHIN STOCK EXCHANGE

COCHIN.

Sir,

In the matter of arbitration between parties above named the respondent, submit the following:-

(i) Statement of the Case in Reply in triplicate with additional copies equal to the number of respondents.

(ii) Statement of the Set-off or counterclaim in triplicate together with Statement(s) of Account in triplicate; and

I/We hereby agree for the appointment of ____ as arbitrator/ I do not agree for appointment of any of the persons mentioned by the applicant as arbitrator. I/We enclose as per list annexed/undertake to produce all the documents and papers relating to reference in my/our power or possession.

Dated the ________ day of ___________ 19

Yours faithfully,

(Signature of Respondent(s))

FORM No. 5

Form of Appointment of Arbitrator or Presiding Arbitrator

In the Matter of an Arbitration

under the Rules, Bye-laws and Regulations of the

Cochin Stock Exchange Ltd., Cochin

BETWEEN

.... (Name of Applicant(s)

AND

.... (Name of Respondent(s)

* WHEREAS a dispute has arisen necessitating the appointment of arbitrator and the parties have agreed and gave their approval for appointing __________ as the arbitrator/the Council of Management do hereby appoint Mr. _____________ as Arbitrator to adjudicate upon the dispute No. -_________ between the above named parties and determine the claims/ dispute or difference and to pass an award as provided under Bye-laws, Rules and Regulations of the Cochin Stock Exchange Ltd., Cochin.

And

* WHEREAS ____________________ and _________ the arbitrators duly appointed in the above matter have failed to appoint presiding arbitrator as provided in the Rules, Bye-laws and Regulations of Cochin Stock Exchange Limited, Cochin.

In pursuance of the said Rules, Bye-laws and Regulations/the Council of Management of the Cochin Stock Exchange Limited/President of the Cochin Stock Exchange Limited, Cochin do appoint _____________ a Member of the Arbitration Committee to be the presiding Arbitrator in the above matter.

Date the ______ day of ____________ 19

Executive Director

Cochin Stock Exchange Ltd., Cochin.

____________________________________________________________

* Strike out what is not applicable. The recitation may be varied according to the circumstances of the case.

FORM No. 6

Form of Appointment of Presiding Arbitrator

In the Matter of an Arbitration

under the Rules, Bye-laws and Regulations of the

Cochin Stock Exchange Ltd., Cochin.

BETWEEN

.... (Name of Applicant(s)

AND

.... (Name of Respondent(s)

We, the undersigned _____________________ and _______________ the arbitrators duly appointed in the above matter hereby in conformity with the Rules, Bye-laws and Regulations of the Cochin Stock Exchange Ltd., Cochin, appoint _________________________ a Member of the Arbitration Committee to be the Presiding Arbitrator in the said matter.

Dated the __________ day of ___________ 19

(Signature of Arbitrators)

____________________________________________________________

I, the undersigned ------------------- accept the appointment and agree to act as presiding arbitrator in the above matter.

Dated the ____________ day of ____________ 19

(Signature of Presiding Arbitrator)

FORM No. 7

Intimation of Disagreement

In the Matter of an Arbitration

under the Rules, Bye-laws and Regulations of the

Cochin Stock Exchange Ltd., Cochin.

BETWEEN

.... (Name of Applicant(s)

AND

.... (Name of Respondent(s)

THE EXECUTIVE DIRECTOR/SECRETARY

COCHIN STOCK EXCHANGE LTD.

COCHIN.

Sir,

We, the undersigned _______________ and ____________ the arbitrators duly appointed in the above matter hereby in conformity with the Rules, Bye-laws and Regulations of the Cochin Stock Exchange Ltd., Cochin, under which we are acting inform you that we are unable to agree upon the appointment of the presiding Arbitrator as required in the said Rules, Bye-laws and Regulations.

Dated ___________ day of _____________ 19

(Signature of Arbitrators)

FORM No. 8

Notice of Hearing

In the Matter of an Arbitration

under the Rules, Bye-laws and Regulations of the

Cochin Stock Exchange Ltd., Cochin.

BETWEEN

.... (Name of Applicant(s)

AND

.... (Name of Respondent(s)

WHEREAS the ______________ day of ______________ 19 at the hour of ________________ at ___________________ has been appointed by the arbitrators herein for proceeding in the above reference.

NOW THEREFORE take notice that each party is required to present himself in person or by a duly authorised representative at the said meeting with the necessary books, documents, papers etc.

AND take further notice that in case any party absents himself the arbitrators/presiding arbitrator shall at their/his discretion proceed with the reference ex-parte.

Dated the ___________ day of _________ 19

(Signature(s) of arbitrator(s)/presiding arbitrator

Secretary/Arbitration Assistant)

FORM No. 9

Notice of Failure to Agree on Award

In the Matter of an Arbitration

under the Rules, Bye-laws and Regulations of the

Cochin Stock Exchange Ltd., Cochin.

BETWEEN

.... (Name of Applicant(s)

AND

.... (Name of Respondent(s)

We, the undersigned ________________ and _______________ the arbitrators duly appointed in the above matter hereby in conformity with the submission under the Rules, Bye-laws and Regulations of the Cochin Stock Exchange Ltd., Cochin, under which we are acting give notice that we are unable to agree upon an award in the said matter and that the presiding arbitrator is now at liberty to enter on the reference in lieu of us.

Dated the __________ day of ______________ 19

(Signature of arbitrators)

FORM No. 10

(Regulation 15.13)

Application for Enlargement of Time for Award

In the Matter of an Arbitration

under the Rules, Bye-laws and Regulations of the

Cochin Stock Exchange Ltd., Cochin.

BETWEEN

.... (Name of Applicant(s)

AND

.... (Name of Respondent(s)

THE PRESIDENT

COCHIN STOCK EXCHANGE LTD.

COCHIN.

Sir,

I/We, the undersigned arbitrator(s)/presiding arbitrator duly appointed in the above matter hereby in conformity with the submission under the Rules, Bye-laws and Regulations of the Cochin Stock Exchange Ltd., Cochin, under which we are acting request you to enlarge the time for making my/our award in the above matter until the ____________ day of ________ 19

Dated this the ______ day of ___________ 19

(Signature(s) of Arbitrator(s) or presiding arbitrator)

____________________________________________________________

The time for making the award is extended upto the _____ day of ____________ 19

Dated this the ______ day of _____________ 19

President

Cochin Stock Exchange Ltd.

Cochin.