The Securities and Exchange Board of India (SEBI) on December 21, 2022, issued a Consultation Paper on strengthening the Investor Grievance Redressal Mechanism in the Indian Securities Market by harnessing Online Dispute Resolution mechanisms. The consultation paper provides the following:
In order to streamline and strengthen the mediation and arbitration process in the Indian Securities Market, the following proposals are being considered:
- Strengthening the existing MIIs administered mediation and arbitration mechanism, by making these processes more accessible and effective.
- By suggesting that these processes are conducted online on an end-to-end basis using the capacity, technology, and other assistance of online dispute resolution institutions.
- By modifying these processes for the benefit of the investor.
- Extending the MIIs administered mediation and arbitration mechanism as modified above for resolution of investor/client grievances in respect of all specified securities market intermediaries. This will make the grievance redressal process more simplified, streamlined and efficient for the investors.
The comments may be submitted till January 09, 2022.
