The Hindu : SEBI directs SEs to preserve arbitration awards

Online edition of India's National Newspaper
Saturday, Apr 19, 2003

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SEBI directs SEs to preserve arbitration awards

KOLKATA APRIL 18. The Securities and Exchange Board of India has directed the stock exchanges to make necessary amendments to the by-laws so that original arbitration awards with acknowledgements could be permanently preserved.

In a directive to all SEs, the head of secondary market operations said other records pertaining to arbitration cases be preserved for five years from the date of award in case appeal for setting aside award was not filed till such time.

The decision was taken to protect the interest of investors in securities and promote development of and regulate the securities market by framing a uniform policy, the market watchdog said.

The by-laws of the stock exchanges provide for arbitration mechanism for redressal of disputes between members as well as between a member and non-member.

It directed the destruction of records be subject to the previous order in writing of the executive director of the exchange.

The exchanges should also maintain a register with brief particulars of records destroyed along with certification regarding date and mode of destruction. — PTI

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