CIRCULAR, CIR/MRD/ICC/21/2013, dated 05.07.2013
The Managing
Director/Executive Director,
All Stock
Exchanges with nation-wide terminals
1. Reference may be made to circulars no.
CIR/MRD/DSA/24/2010 dated August 31, 2010, CIR/MRD/SA/03/2012 dated January 20,
2012 and CIR/MIRSD/2/2012 dated February 15, 2012 regarding investor service centres
providing inter alia arbitration facility (arbitration as well as appellate
arbitration). Presently, these facilities are being provided at 8 centres viz.
Delhi, Mumbai, Kolkata, Chennai, Ahmedabad, Hyderabad, Kanpur and Indore.
2. With a view to extend these facilities,
it has been decided to increase the number of investor service centres
providing inter alia arbitration facility (arbitration as well as
appellate arbitration). Increasing the number of centres shall reduce the
travelling and other incidental costs to investors in case they choose to avail
these facilities. The following is decided:
a. Stock Exchanges
with nation-wide terminals shall set up investor service centres at Bangalore,
Pune, Jaipur, Gaziabad, Lucknow, Gurgaon, Patna and Vadodara. These centres
shall provide investor grievances redressal mechanism and arbitration facility
(arbitration as well as appellate arbitration).
b. The investor
service centres at Bangalore, Pune, Jaipur and Gaziabad shall be established
before December 31, 2013.
c. The investor
service centres at Lucknow, Gurgaon, Patna and Vadodara shall be made functional
by June 30, 2014.
d. Accordingly,
all Stock Exchanges with nation-wide terminals would have to set-up these
facilities at all 16 places mentioned above by June 30, 2014.
3. The stock exchanges are advised to:-
a. make necessary
amendments to the relevant bye-laws, rules and regulations for the
implementation of the above decision immediately;
b. 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; and
c. communicate to
SEBI, the status of implementation of the provisions of this circular in the
Monthly Development Reports to SEBI.
4. SEBI inspection of stock exchange shall
cover implementation of this circular.
5. 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 to protect the interests of investors in securities and
to promote the development of, and to regulate the securities market and shall
come into effect immediately.
6. This Circular is available on SEBI
website at www.sebi.gov.in.
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