SEBI asks MIIs to develop common Online Dispute Resolution portal
SEBI has asked market infrastructure institutions (MIIs) to set up and operate a common Online Dispute Resolution (ODR) portal. The portal will harnesses online conciliation and online arbitration for resolution of disputes arising in the Indian securities markets. The MIIs-- stock exchanges, depositories and clearing corporations-- will have to make joint efforts to develop and operationalize the ODR Platform. All listed companies, specified intermediaries and regulated entities-- collectively called market participants -- in the securities market will have to enroll on the ODR portal. Disputes between investors and listed companies, specified Intermediaries and regulated entities would come under the ambit of ODR.
The ODR Portal will have the necessary features and facilities to enrol the investor and the market participant, and to file the complaint and to upload any documents or papers pertaining thereto. It will also have a facility to provide status updates on the complaint which would be obtained from the ODR Institution.
The first phase will include-- development of the ODR Portal, empanelment of ODR Institutions by the MIIs, empanelment of conciliators and arbitrators by such ODR Institutions by August 1. Registration of trading members and depository participants on the ODR Portal would be by August 15. In the second phase, registration of all other market participants on the ODR Portal is proposed by September 15, while commencement of registering of complaints against all other market participants and their resolution will be from September 16.
