Composition of arbitration committee
Summary
SEBI mandates the removal of trading members from arbitration committees and panels of all stock exchanges. Stock exchanges are required to amend their bye-laws, rules, and regulations to implement this change immediately. The circular exercises powers under Section 11(1) of the SEBI Act and Section 10 of the SCRA to protect investor interests.
Text
It is, henceforth, stipulated that the arbitration committee/panel shall not comprise of any trading members.
make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision immediately
bring the provisions of this circular to the notice of the members of the stock exchange and also to disseminate the same through their website
communicate to SEBI, the status of implementation of the provisions of this circular in the Monthly Development Reports to SEBI
This Circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act 1992, read with Section 10 of the Securities Contracts (Regulation) Act, 1956... and shall come into effect immediately
Source: SecMarx — Composition of arbitration committee. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.