Limitation period for filing an arbitration reference
Summary
SEBI mandates that the limitation period for filing arbitration references in depositories shall be governed by The Limitation Act, 1963. This new limitation period applies to pending cases where the time has not elapsed and rejected applications solely due to delay under previous rules. Depositories are required to amend bye-laws, notify participants and beneficial owners, and publish this circular on their websites.
Text
it is decided that the limitation period for filing an arbitration reference shall be governed by the law of limitation, i.e., The Limitation Act, 1963.
where the limitation period (in terms of Limitation Act 1963) have not yet elapsed and the parties have not filed for arbitration with the depository
where the arbitration application was filed but was rejected solely on the ground of delay in filing within the earlier limitation period; and the limitation period (in terms of Limitation Act 1963) have not yet elapsed.
make necessary amendments to the relevant bye-laws for the implementation of the above decision
bring the provisions of this circular to the notice of the Depository Participants and direct them to communicate the same to all the Beneficial Owners (BOs)
disseminate the same on the website.
This circular is being issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Section 19 of the Depositories Act, 1996
Source: SecMarx — Limitation period for filing an arbitration reference. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.