The Securities and Exchange Board of India (SEBI) vide Notification SEBI/LAD–NRO/GN/2023/137 dated 03rd July, 2023 (“the notification”) has introduced Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023. The intention of introducing this amendment is augmenting the process of the Alternative Dispute Resolution Mechanism (“ADR”) in the securities market.
The notification came into force on 03rd July 2023, making it compulsory for the submission of all claims, differences, or disputes to a dispute resolution mechanism including mediation, conciliation, and arbitration in accordance with the procedure specified by SEBI & aims to strengthen the dispute resolution mechanism enhancing investor protection and promotion of fairness & efficiency.
The notification amends the following regulations to give effect to the inclusion of mediation, conciliation, and arbitration as an alternative dispute resolution mechanism.
| 1. | Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992 |
| 2. | Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 |
| 3. | Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993 |
| 4 | Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 |
| 5 | Securities and Exchange Board of India (Custodian) Regulations, 1996 |
| 6 | Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999 |
| 7 | Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999 |
| 8 | Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency}
Regulations, 2011 |
| 9 | Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 |
| 10 | Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 |
| 11 | Securities and Exchange Board of India (Research Analysts) Regulations, 2014 |
| 12 | Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 |
| 13 | Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 |
| 14 | Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 |
| 15 | Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 |
| 16 | Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020 |
| 17 | Securities and Exchange Board of India (Vault Managers) Regulations, 2021. |