Master Circular for Online Resolution of Disputes in the Indian Securities Market


SEBI has issued a Master Circular for Online Resolution of Disputes in the Indian Securities Market. A complaint/dispute initiated through the ODR Portal will be referred to an ODR Institution empaneled by a MII and the allocation system on a market-wide basis will be a round-robin system to govern the allocation of each such dispute among all such empaneled ODR Institution/s subject that for an initial period (as specified by the Board):

  1. Complaints/disputes arising with a specific trading member for an exchange transaction or a listed company, shall be referred to the ODR Institution/s empaneled by the relevant Stock Exchange6, and disputes arising with a specific depository participant, shall be referred to the ODR institution/s empaneled by the relevant Depository If the MII has empaneled more than one ODR Institution, then at such level as well, a round robin system will govern allocation of references among them.
  2. Further, Stock Exchanges operating only commodities segment, the ODR Institution/s empaneled by such Stock Exchange is/are excluded from the market-wide round robin system. Other conditions in (a) above will continue to apply to such Stock Exchanges and ODR Institution/s.
  3. Further, references to ODR Institutions shall be made after a review of such complaint/dispute by the relevant MII with the aim of amicable resolution and which review shall be concluded within 21 calendar days (or such other period that the Board may specify).

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